Having good credit is essential these days for getting approved for loans, credit cards, and even rental applications. That’s why monitoring your credit has become so important – you need to make sure your information is accurate and detect any suspicious activity as soon as possible.
Two popular credit monitoring services that can help are IdentityIQ and myFICO, but they have some key differences. This comprehensive guide will compare IdentityIQ and myFICO to help you decide which one is the better fit for your needs.
A Brief Comparison Table
| Feature | IdentityIQ | myFICO |
| Credit Reports Provided | Experian, Equifax, TransUnion | Experian, Equifax, TransUnion |
| Credit Scores Provided | VantageScore | FICO Scores |
| Score Accuracy | Highly accurate, but not true FICO | Most accurate – real FICO scores |
| Credit Monitoring | Daily monitoring and alerts | Daily monitoring and alerts |
| Identity Theft Protection | Robust suite of identity protection tools | Basic identity restoration support |
| Pricing | $8.99 – $29.99 per month | $19.95 – $39.95 per month |
| Ideal For | Identity theft protection and credit monitoring | Focus on credit reports and true FICO scores |
Overview of IdentityIQ
IdentityIQ is a credit monitoring service provided by IdentityForce. It offers daily credit monitoring across the three main credit bureaus – Experian, Equifax, and TransUnion. If any changes are detected in your credit reports, you’ll get email notifications so you can take action right away if needed.
Some key features of IdentityIQ include:
- Daily credit reports and scores from all three bureaus
- Alerts for credit inquiries, new accounts, late payments, changes of address, and more
- Up to $1 million identity theft insurance
- Monitoring across public records, sex offender registries, payday loans, and more
- Password manager and secure browser
- Lifelock personal VPN
- Anti-phishing and anti-keylogging apps
- Consultations with credit experts and identity restoration specialists
IdentityIQ offers several different packages based on your needs, with prices ranging from around $8 to $30 per month.
Overview of myFICO
myFICO is Experian’s credit monitoring service that offers credit reports and FICO credit scores from all three bureaus. FICO scores are the credit scores lenders actually use to make decisions, so checking your scores through myFICO can give you an accurate picture of where your credit stands.
Some key features of myFICO include:
- Updated FICO scores monthly from all three bureaus
- Daily credit monitoring and alerts
- Analysis of score factors and trends
- Simulations for “what-if” scenarios
- Advice for improving your scores
- Identity restoration support
myFICO has a straightforward pricing structure of $19.95 to $39.95 per month depending on if you want credit reports and scores from one, two, or three bureaus.
Also Read: Comparison Between LendingTree And Credit Karma
Key Differences Between IdentityIQ And myFico
Now that we have cover the basics of them. Let’s compare them across some key categories:
- Accuracy
One of the most important considerations when choosing a credit monitoring service is accuracy. You want your credit reports and scores to precisely reflect your current credit standing.
IdentityIQ pulls your credit data directly from TransUnion, Experian, and Equifax every day. This ensures you’re getting the most up-to-date information from your credit file. The credit scores provided are VantageScore, which is a scoring model similar but not identical to FICO. Lenders mostly use FICO scores when making lending decisions.
myFICO, on the other hand, provides official FICO scores calculated from data at the credit bureaus. These are the precise credit scores lenders will pull and evaluate when you apply for credit. If you want the most accurate look at your credit scores, myFICO may have an edge.
That said, both services offer reliable credit data that can help you monitor your reports and make improvements. But myFICO could give you a more realistic view of your credit standing with potential lenders.
- Features
When it comes to useful features, IdentityIQ packs in a robust set. The daily credit reports certainly provide comprehensive monitoring.
But you also get valuable identity protection tools like the Lifelock VPN, secure browser, password manager, and more. If you want an all-encompassing identity theft protection suite along with credit reports and scores, IdentityIQ has the advantage.
myFICO focuses specifically on your credit reports and FICO scores from all three bureaus. The analysis features that show you score factors and trends are particularly beneficial for credit building.
While myFICO doesn’t have the identity theft protection extras, the details related to your real FICO scores are incredibly helpful for monitoring credit health.
So in terms of variety of features, IdentityIQ is the winner. But for laser focus on credit scores and reports, myFICO is the better choice.
- User Experience
You’ll also want to consider the user experience when choosing a credit monitoring service.
The IdentityIQ dashboard provides your credit scores front and center. You can easily view score factors and utilize tools like the credit simulator. The mobile app enables you to check scores and alerts on the go. And the website/app design is clean and simple to navigate.
Similarly, myFICO makes viewing your credit scores easy from the launch page. The charting of your scores over time and analysis of score factors are also accessible in just a few clicks. The site layout and mobile app also allow seamless site use.
Both services provide modern sites and apps for desktop and mobile access. You really can’t go wrong with either from a user experience standpoint.
- Customer Support
Having issues or questions about your credit scores? You’ll want knowledgeable customer support on your side.
IdentityIQ offers customer service over the phone during business hours. Support outside those hours is limited to email. Most users report positive experiences with helpful, polite representatives. But reach can be more limited.
myFICO also provides customer service via phone and email. But support is also available through online chat for quick questions at any time. Users describe the customer support team as reliable and professional. Overall, myFICO seems to offer a slightly higher level of customer support.
- Pricing and Value
With any service, you’ll want to weigh the pricing against the value you get.
IdentityIQ starts at $8.99 per month when billed annually for basic credit monitoring. For full identity protection and daily credit reports/scores for all three bureaus, the price jumps to $29.99 per month. Considering all the features bundled with monitoring, this provides decent value. But for credit monitoring alone, lower cost competitors are available.
myFICO offers good value for deep insights into your FICO credit scores. The basic myFICO plan with one bureau is $19.95 monthly, while three bureau monitoring is $39.95 per month. Given the detailed FICO score data provided, most find this reasonably priced, especially if you just need one bureau.
IdentityIQ provides greater value overall for its identity protection suite. But myFICO provides solid credit score insights at a fair price point.
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- Ease of Cancellation
A reputable credit monitoring service should make it simple to cancel when needed.
IdentityIQ only requires contacting customer service to cancel. Most users report quick and seamless IdentityIQ cancellations.
myFICO also enables cancellations right through customer service without hassle. The process is fairly smooth and you can continue using the service through the end of your billing period.
Both services offer the ability to easily cancel your monitoring subscription when desired.
Also Read: Comparison Between SmartCredit And IdentityIQ
Frequently Asked Questions (FAQs)
IdentityIQ provides reliable credit data pulled directly from TransUnion, Experian, and Equifax each day. The credit scores are VantageScores, which are highly correlated with but not identical to FICO scores. Overall, it gives a fairly accurate picture of your credit standing.
For the credit scores themselves, yes – myFICO provides your true FICO scores from all three credit bureaus, the same scores lenders use. This gives you an exact idea of what lending decisions you can qualify for based on your credit scores. The level of accuracy makes it the best option if you need your true FICO scores.
Yes, the credit scores provided by myFICO are your real, actual FICO credit scores, directly from Experian, TransUnion, and Equifax. No other monitoring service provides official FICO scores.
If you don’t need true FICO scores, the main alternative to myFICO is a service like IdentityIQ. The credit scores will be similar to FICO (usually VantageScore), and you get added identity protection features. But for real FICO scores specifically, myFICO is the best choice.
Also Read: Comparison Between CreditSecure And Experian
The Final Verdict
While both IdentityIQ and myFICO provide value, choosing the right service depends on your specific needs:
- If you want robust identity theft protection along with credit monitoring, go with IdentityIQ. You get an all-in-one solution.
- If you are laser focused just on your real credit reports and FICO scores from all three bureaus, choose myFICO.
- On a budget? IdentityIQ has cheaper basic plans, but they offer less score information.
- If top-notch credit score insights are crucial, use myFICO for true FICO data.
Whichever you choose, monitoring your credit scores and reports is vital for detecting issues early and building your credit wisely over time. Both IdentityIQ and myFICO are leaders in the credit monitoring space that can provide this important visibility. Consider your budget, how detailed you need your credit insights to be, and your need for identity protection to decide which option fits you best.