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myFICO Review (August 2021) — Is It Worth The Cost?

Your FICO credit scores are used by over 90% of lenders. myFICO is a service provided by Fair Isaac Corporation that gives consumers access to their FICO credit scores.


4.7

MayoFi rating

Why we like myFICO

myFICO makes it easy to understand your credit with FICO Scores, credit reports, and alerts from all three bureaus. FICO® Scores are the only credit score used by 90% of top lenders. Although myFICO doesn’t offer any free plans, their paid plans come packed with incredible features such as $1 million identity theft insurance.

Cost

From $19.95/mo

Credit scores

FICO®, Experian,
TransUnion, Equifax

Credit reports

Yes

Pros

    • Get access to all three credit scores from the major credit bureaus
    • Get 28 FICO® Scores, including mortgage, auto and credit versions
    • Credit monitoring and alerts
    • $1M identity theft insurance

Cons

    • There is no free plan available
    • Premium plans are expensive

What is myFICO?

myFICO is the consumer division of Fair Isaac Corporation, the company behind the FICO credit score. Fair Issac Corporation launched myFICO in 2001. Over 90% of top lenders use FICO credit scores when making lending decisions.

Your FICO credit score is similar to your VantageScore credit score. Both are based on your Experian, TransUnion, and Equifax credit reports.

myFICO is not the only place you can find your FICO credit score. In fact, companies such as Discover will provide your FICO credit score for free, even without being a cardmember. However, using a premium service like myFICO has certain benefits that may be worth considering. For example, myFICO is the only place you can find all three of your FICO Scores from Experian, TransUnion, and Equifax in one place.

How does myFICO work?

myFICO is a subscription service that offers three subscription plans. Each plan comes with FICO scores, credit reports, credit monitoring, and more. If you don’t want a subscription, you can opt to purchase a one-time report.

When you purchase a one-time report, you have the option to choose a 1-bureau credit report or a 3-bureau credit report. The 1-bureau credit report will give you your credit report from one of the three credit bureaus of your choice. The 3-bureau report, although more expensive, will provide you with a report from all three bureaus.

Additionally, myFICO offers a family subscription plan, which gives you access to quarterly reports for two adults and up to 10 children.

Subscription plans can be canceled at any time and are usually the better option if you want access to your credit scores and reports anytime.

myFICO top features

When you start a subscription with myFICO, you immediately unlock access to dozens of valuable tools and services. Let’s go over myFICO’s top features and why you might consider subscribing.

FICO Scores

FICO Scores have been the credit score standard for a few decades now. Other free credit score services almost always provide you with your VantageScore credit score. And while these scores are still valuable, they can sometimes vary as much as 100 points when compared to your FICO credit score.

A myFICO subscription comes with up to 28 versions of the FICO Score, including the scores used most often when applying for mortgages, auto loans, and credit cards. Knowing your FICO credit score can give you the confidence you need when applying for these loans.

Credit reports

Get access to your credit reports from all three credit bureaus. Your credit reports contain details about your accounts, inquiries, collections, and public records.

Having access to your credit reports can be especially valuable if you plan on applying for a mortgage or new loan. There could be items on your credit report that are not accurate and need to be corrected. These items could prevent lenders from wanting to give you money.

Being able to view all three reports side-by-side can help you spot errors and fix them. The information on your credit reports has a significant impact on your credit score, so it’s crucial that the information is accurate.

Credit monitoring

myFICO will monitor your credit files at Experian, TransUnion, and Equifax. They will notify you if there are changes to your file such as inquiries, new accounts, address changes, or late payments.

Monitoring your credit files can help prevent fraud and errors and give you overall control of your credit. Staying on top of your credit is just one of the ways you can maintain or build your credit over time.

FICO Score monitoring

Similar to credit monitoring, FICO Score monitoring will notify you when your FICO Score changes. View your FICO credit score history and track your progress over time using myFICO’s score history graph and other tools.

Identity monitoring

In 2019, victims of identity theft and fraud lost nearly $667 million. myFICO consistently scans through thousands of websites, chat rooms, and other databases across the internet to search for your personal information.

If your information is being bought or sold, you’ll be alerted and can take immediate action to prevent any damage. myFICO will also scan public records for additional signs of identity theft, such as your Social Security number being used on new names or addresses. 

Identity restoration

If identity monitoring fails to prevent you from becoming a victim of identity theft, myFICO will still protect you. With a myFICO subscription, you’ll have up to $1,000,000 in identity theft insurance.

You’re covered anytime your information is stolen and used to make fraudulent purchases in your name. American Bankers Insurance Company of Florida underwrites and administers the identity theft insurance at myFICO.

Tools and analysis

In addition to the services that come with your myFICO subscription, you’ll also have access to helpful tools at your fingertips. For example, you can use the FICO Score simulator to explore up to 24 different simulations, including getting a mortgage, requesting a credit limit increase, and more.

You can also simulate multiple actions at once. For example, you can see how opening a credit card, applying for a loan, and getting a credit limit increase affect your credit score.

On top of the tools, you’ll gain access to helpful analysis. For instance, get a detailed analysis of the top factors that affect your credit score from each bureau. This can help educate you on the factors that move your credit score up or down so that you can make wiser credit decisions in the future.

Education and community

The final top feature of your myFICO subscription is getting access to an active community of 750,000 members on the myFICO user forums. The forums can be beneficial if you have questions about a personal credit situation you are experiencing. Real people can respond with their personal experiences, which can prove to be valuable.

You can also speak to a myFICO representative by calling the toll-free US-based customer support line.

myFICO pricing

myFICO offers several different products and services. In this section of the myFICO review, we’ll go over each of those products and services, any costs associated with them, and more.

myFICO subscriptions

myFICO has three primary subscriptions—Basic, Advanced, and Premier. Each plan comes with tools and benefits you can use to maintain or improve your FICO credit score. Let’s go over each subscription plan in detail, starting with the Basic plan.

myfico subscription pricing plans

myFICO Basic — $19.95/month

The Basic plan offers a FICO credit score and credit report from Experian, which is only one of the three credit reporting bureaus. Your credit score and report is updated every month. The Basic plan will cost you $19.95/month and automatically renews monthly unless you cancel.

Here are other benefits included with the myFICO Basic plan:

  • FICO Scores
  • Scores for mortgages, auto loans, and more
  • Credit reports
  • Score and credit monitoring
  • $1 million identity theft insurance
  • 24/7 identity restoration

If you don’t require full credit reports from all three credit bureaus, the Basic plan is probably best for you.

myFICO Advanced — $29.95/month

The myFICO Advanced plan comes with a little more than the Basic plan. For starters, instead of only getting a credit score and report from one credit bureau, you’ll get access to the complete 3-bureau coverage. This means credit scores and reports from all three major credit reporting agencies—Experian, TransUnion, and Equifax.

Unfortunately, your scores and reports are only updated once every three months. However, if you are not looking to check your credit files every month, the three-month period may be adequate.

The myFICO Advanced plan costs $29.95/month and automatically renews monthly unless you cancel.

Here are other benefits included with the myFICO Advanced plan:

  • FICO Scores
  • Scores for mortgages, auto loans, and more
  • Credit reports
  • Score and credit monitoring
  • $1 million identity theft insurance
  • 24/7 identity restoration
  • Identity monitoring

The one prominent feature that comes with the myFICO Advanced plan that the Basic plan doesn’t offer is identity monitoring. With identity monitoring, myFICO will guard your personal information against identity theft and fraud.

myFICO Premier — $39.95/month

myFICO Premier is the top plan offered by myFICO. The plan costs $39.95/month but comes with the complete 3-bureau coverage. On top of credit scores and reports from all three credit bureaus, myFICO will also update your credit files every month.

More frequent updates can be useful if you plan to apply for a mortgage or loan soon and want to keep your credit history clean of any errors or fraudulent activity.

The additional benefits of the myFICO Premier are the same as those included with the myFICO Advanced plan. They are:

  • FICO Scores
  • Scores for mortgages, auto loans, and more
  • Credit reports
  • Score and credit monitoring
  • $1 million identity theft insurance
  • 24/7 identity restoration
  • Identity monitoring

myFICO Premier is ideal if you want to keep your credit score in top shape. Having access to all your credit files at every credit bureau will give you a detailed overview of your credit situation.

FICO Family Advanced — $49.95/month

myfico family plan

The FICO Family Advanced plan covers two adults and up to 10 children for $49.95/mo. This plan is ideal if you and a spouse want to stay on top of your credit together.

The family plan offers a 3-bureau report and FICO Score updates for two adults every three months. And for the kids? Identity theft monitoring for all children under the age of 18—up to 10 kids. You’ll also get $1 million identity fraud insurance for the entire family.

myFICO one-time reports

If you don’t need a monthly subscription and prefer to pay a one-time fee to access your credit files, you can do that. myFICO offers two one-time products—the 1-bureau credit report and a 3-bureau credit report. Let’s go over both.

myfico one-time plans

1-bureau credit report — $19.95

The 1-bureau credit report is a one-time purchase that lets you purchase a report from one of the three credit bureaus. The report will cost you $19.95 and is viewable for 30 days from the date of purchase.

All reports come with your FICO Score and different scores for mortgages, auto loans, and credit cards. Additionally, you’ll get access to the FICO Score Simulator, score analysis, US-based customer support, and the myFICO credit community forums.

3-bureau credit report — $59.85

The 3-bureau credit report is a one-time purchase that unlocks full reports from all three credit reporting agencies—Experian, TransUnion, and Equifax. The report will cost you a one-time fee of $59.85 and is viewable for 30 days from the purchase date.

The 3-bureau credit report comes with the same additional features as the 1-bureau report. This includes all 28 FICO scores, access to various tools and analysis, US-based customer support, and the myFICO credit community forums.

myFICO alternatives

5.0

MayoFi rating

Cost

Free

Credit scores

TransUnion, Equifax
Learn More
4.4

MayoFi rating

Cost

$24.95

Credit scores

TransUnion
Learn More
4.8

MayoFi rating

Cost

Free

Credit scores

FICO®, Experian, TransUnion, Equifax
Learn More

The bottom line

Fair Isaac has been in the business of providing credit scoring systems since the 1960s. In fact, 96% of the largest banks in the US trust the FICO scoring system. So it should go without saying that your FICO Score is a widely accepted and used score amongst lenders worldwide. In other words, it would benefit you to know your FICO Score and stay on top of it.

Having said that, myFICO is not a cheap service. The lowest plan will cost you $19.95 per month, and there are no free trials for you to test the service out.

Before you leap into purchasing a myFICO subscription, it may be a good idea to access your needs. Do you just need to check your credit score occasionally? If so, there’s no reason to pay for that. Services like Credit Karma give you credit scores completely free.

Perhaps you’d like to check your credit report one time for potential errors. For that, simply use AnnualCreditReport.com, a free service authorized by the Federal government that lets you request a free credit report every year.

However, if you want regular access to detailed FICO reports and scores, identity protection, and an abundance of other services, myFICO may be worth your time.