As a 10+ year subscriber to myFICO Quarterly monitoring that includes daily monitoring of lots of information to detect identity theft at the earliest possible moment, I thought I was being really smart about protecting myself. Every week I’d get an "all-clear" e-mail from myFICO saying that nothing has changed in my credit. I thought I had my bases covered. What I really had was nothing but a false sense of security.
Across June and July 2014 my credit reports were hammered. The highlights were addition of a new address, new phone numbers, a new employer, 6 hard credit pulls, and nearly $300,000 in new credit lines added to my account. This is exactly the type of event that you want credit monitoring for!
I started to get alerts within days! Phew! Unfortunately not from myFICO, but from Credit Karma. (See 1st screenshot) Alert after alert kept rolling in over the weeks. All the while myFICO kept sending the weekly e-mail that everything was hunky-dory (See 2nd and 5th screenshots).
I contacted myFICO customer service looking for help understanding why I wasn't getting alerts I really should be getting. Initially they were concerned and were "looking into it", but as I called back trying to get updates I was hit with a very rude attitude stating that the service I purchased did not included daily monitoring. I pointed to their own website states that they conduct daily monitoring. They argued that Quarterly Monitoring was only quarterly. If that was so, then what was monitored in all of those portions of the service description that talked about “daily monitoring” and “immediate alerts”? (Screenshot #3) They had no answer and just kept parroting that I'd get alerts next time I got a quarterly report. I never did get an explanation how "daily" and "immediate" somehow translated into only once a quarter or why weekly e-mails would be sent if no monitoring was actually happening.
During one very long call we went back in the history showing where alerts had actually worked before and she identified that the alerts appeared to have broken between September and November of 2013 and absolutely nothing was coming up since May. (WHAT!?!?) Well, finally, we have an admission that it's broken! I even got an e-mail from her confirming that there was a problem (4th screenshot) Off to the research department it goes and I'll hear back soon!
“Soon” became weeks and when I called back today looking for an update MyFICO's response, I got one. "It's an isolated incident and there is nothing wrong, what I'm expecting is not in the product I subscribe to." Well which is it? Is it an "isolated incident" or is nothing wrong? You can't have it both ways. Somehow the "manager" I was talking to demanded that it could be both. No apologies for the failure of their service, no offer to give a refund for the service not rendered, no offer to do anything about it other than I could cancel my account. I did, however, get a lot of condescending attitude and more misinformed chatter about the quarterly service only sending alerts quarterly even though the service description says otherwise. (Screen shot #3)
I cancelled my account. It was doing me absolutely not good anyway. I have absolutely no confidence in their service and the customer service is appalling. They don’t even know their product well enough to understand that something was wrong until I walked them through it like you would a 5 year old. And even then they wanted to argue with me.
Buyer beware. My losses are hard to calculate. Since Credit Karma, a completely free service, was doing it's job infinitely better than myFICO, I was able to take the actions I needed to. The $500+ that I've spent on myFICO monitoring services have been a complete waste.
Monetary Loss: $500.