myFico Credit Monitoring Review – Credit Score

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When a lender, whether it is a well-established agency or someone who works independently, is evaluating your credit application. The first thing they review or try to obtain is your Fico score.

myFico Credit Score

This is because they are the most used scores when lenders make decisions even though there are several other scoring models –So yes, FICO tends to be the most standard one.

Now, the problem arises when you try to access that qualification, after all, it is not worthwhile to collect a series of requirements if you know that you do not have the minimum score expected by the borrower.

Given that you can be one of the people who does not consider enough the 3 free qualifications a year from the big three, myFico may be of interest to you.

How Does It Work

With access to the FICO ratings of the country’s three major agencies (Experian, Equifax, and TransUnion),   myFico credit monitoring is a digital tool that offers three different credit rating consulting packages. That means that you can access all the necessary data, as well as statistics, of your credit score and have a better perspective of where you are in the process of applying for a loan.

Of course, you must register a user to opt for the purchase of these packages, which offer each one similar feature but some more appropriate than others depending on your needs and what you expect to obtain from the website.

You can also access a one-time report from the three rating agencies in exchange for $ 59.85, or just one for the amount of $ 19.95.

The Products, Rates, and Fees

There are two types of monthly packages, which are detailed below, along with the one-time consultation (without being a user):

FICO 3B report (one-time report)

  • Get a single report from the three credit agencies or just one.
  • Instantly access several scores and options, including the ones most used for mortgage and car loans, as well as the new FICO Score 9.

FICO Essentials 1B (basic monthly level, $ 19.95 per month)

  • Receive access to your initial report and scores immediately.
  • Receive an updated report and monthly scores.
  • Control your credit report in Equifax, also the FICO score 8.
  • Access score calculations, including the new FICO Score 9 score and another mortgage/ car loan score.
  • Observe the progress in Equifax with the historical tracking chart FICO Score 8.
  • You receive a notification when you reach your objective score or when you qualify for a better interest rate.
  • They send alerts when unexpected changes in the credit report cause your FICO score to fall.

FICO Ultimate 3B (updated monthly level, $ 29.95 per month)

  • Receive access to the three initial reports and scores immediately.
  • You receive updated reports and scores from the three agencies every three months.
  • Control your credit reports in the three agencies, as well as FICO score 8.
  • Accept score calculations, including the new FICO Score 9 score and another mortgage/car loan score.
  • Watch your progress in the three agencies with the historical FICO Score 8 tracking chart.
  • Receive identity theft monitoring with your membership.

More Features

A striking feature is that in addition to obtaining the actual scores of your Fico score, you also receive a brief explanation of why you have that number (be it good or bad).

In addition, despite not being a company dedicated to the claims, you can make them from this platform or, in any case, identify the errors quickly and notify them through other means.

You can also look inside the report and see what elements are affecting it, in this way you understand what you need to improve -myFICO will tell you exactly how negative or positive these individual accounts can be for your credit report in general.

Another Important Aspect Is the Simulator

(FICO Score Simulator), with which you can indicate what action you want to perform, such as asking for a credit card with a certain limit, requesting a mortgage, buying a house, among others. The simulator will tell you the impact of this action on your rating in each of the three agencies.

At the End

myFico is an excellent credit monitoring tool if you need to frequently monitor your Fico credit score, giving you the option to quickly amend the errors and work on the basis of your financial behavior in order to improve it.

If you are preparing for a big loan, then make sure that you get on board with this tool. Despite their somewhat high prices, they are one of the most efficient and reliable credit fixing tools in the market.

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