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HomeBlog BlogWhat Is MyFICO.com And Why Should You Care?
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What Is MyFICO.com And Why Should You Care?

August 16, 2012 by National Debt Relief

Man climbing credi score numbersFICO is the new name for what used to be called the Fair Isaac Corporation. It is a publicly traded company that provides decision-making services and analytics. Its best-known product is its FICO score, a formula that is used by the three credit reporting bureaus to create your credit scores.

What is a FICO score?

A FICO credit score is made up of five components. They are 35% payment history, 30% credit utilization, 15% length of credit history, 10% types of credit used and 10% recent searches for credit or hard credit inquiries. It also takes into consideration information on your record regarding court judgments, tax liens, bankruptcies and the like.

FICO takes all this “analog” information and plugs it into a complicated algorithm, which ultimately results in a three-digit FICO score that goes from 300 to 850.

Only one place to get your real FICO score

You might find websites advertising free credit scores. However, none of these will be your true FICO score. The only place you can get your true FICO score is on www.myfico.com.

It won’t be exactly free

The site offers two options. First, you can pay $19.95, which will get you one FICO score from Equifax® or TransUnion®, one credit report from Equifax or TransUnion and an explanation of the factors that affected your score.

Be careful of the big, red button

A second option is to press the big red button labeled Get my FICO score free. If you choose this option, you will go to a page where you can get a free trial of its Score Watch® product, which will get you two FICO credit scores, 2 Equifax Credit Reports, FICO® Score monitoring and alerts. But be aware that if you take advantage of this “free” offer, you’re signing up for Score Watch. If you fail to cancel this service during the ten-day free trial, you will automatically be signed up for three months at a cost of $14.95 per month. And this is a minimum subscription, meaning that if you fail to cancel the service within the free 10-day trial offer, you will be in the soup for a total of  $44.85.

Why get your FICO score?

All three of the credit reporting bureaus, Experian®, TransUnion and Equifax, base their credit scores on your FICO score. However, each has its own proprietary formula for calculating your credit score so you might see slightly different scores from all three.

Since Myfico.com is the only site where you can get your true FICO credit score, it’s a site you should visit periodically. Knowing your credit score is almost as important as knowing your heart rate or blood pressure. A good credit score means you will be able to get more credit, while a bad credit score could doom you to not getting any credit at all.

If you have a bad FICO score

A bad FICO score of 500 or less can make it virtually impossible for you to get new credit, an auto loan or even rent an apartment – not to mention a debt consolidation loan. If you have a low FICO score it’s probably because you’re heavily and haven’t been able to meet your payments. We can’t help you improve your FICO score overnight but we’ve helped thousands of people through debt relief. It doesn’t matter if you’re having a problem making the minimum payments on your credit cards. With our help, you should be able to reduce that increasing debt load and  start to see some light at the end of the tunnel.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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"National Debt Relief is like a headhunter. Until you sign up..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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