| Anyone use Myfico.com ScoreWatch or Mint.com? |
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KatherineLee88
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| Anyone use Myfico.com ScoreWatch or Mint.com? |
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Sorry if I'm repeated a thread that already exists (I searched but didn't find this).
Does anyone use Myfico.com ScoreWatch or Mint.com?
I recently opened a Mint.com account and I think I'm in love with it.
I'm a little concerned about having a web site know my passwords to various accounts... but at least I can monitor them all easier.
Which brings me to Myfico.com ScoreWatch. I'm thinking about paying the $14.95/month to use this service. I figure it would give me a good heads up if any accounts are opened that I didn't authorize. However, at $15/mo I could see that adding up to be a big bill over time if I depend on this service to make me feel like I'm in control of the use of my name and social security number.
Maybe I'm just getting paranoid. I know a couple people that have been victims of identify theft. I just don't ever want to be one of them.
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Fri Feb 04, 2011 3:28 am |
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coaster
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The value in such a service is in what they do for you AFTER you've been the victim of ID theft. I'm not familiar with the services you mention, but the ones I've looked into (and subscribed to a couple for a while years ago) make a pretty good penny because they're selling a sense of protection up front. But you can do all that yourself for nothing. After all, they're not preventing ID theft. And the value in discovery is, well.......something I think you want to do yourself by incorporating awareness into all you do financially every day, not hiring someone to do it for you. After all, it's what you do and how you do it that makes you vulnerable. That's not something THEY can change.
The real expense of ID theft comes after. So, judge the value of the service on what they do for you then, and be sure it's what they contract to do, not what they say they'll do.
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Fri Feb 04, 2011 7:33 am |
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KatherineLee88
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From my understanding, I don't think myfico.com makes any sort of ID theft promises. The service just provides the user with monthy FICO scores and you can set up alerts for changes in your credit report like large balances or new accounts opened.
I was just thinking of adding it because getting more frequent FICO scores and in general credit reports would tip me off very quickly to an errors on my report or if anything suspicious was happening under my name and SS#.
As for now I think I'll hold off on the MyFICO.com ScoreWatch. I'll get my one free report from each of the three bureaus every year and in a couple years I'll maybe add the ScoreWatch. I think 3-4 checks a year should be sufficient enough for now as long as I follow other suggestions to avoid ID theft.
In a couple years when I'm obsessed with building my FICO score before I start going "first house" shopping I'll subscribed to the service so I can track my score and try to build it.
Mint.com is a pretty interesting personal finance tracking web site. It iss basically doing everything I was doing already with Excel spreadsheets but makes them colorful and pretty.... and it's less work. I think I'll continue to use this service despite claims that they sell aggregate user data. I'm okay with being a number... just as long as it isn't a name.
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Fri Feb 04, 2011 1:33 pm |
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coaster
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Sounds like a good plan to me. 
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Fri Feb 04, 2011 4:39 pm |
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Spencer01
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I think Mint is actually pretty slick. I don't use it myself, but did give it a test run and what I liked most about it was how it pointed out some frivolous spending I wasnt aware of. Mainly ATM Fees. I wont post the stats but I was shocked at how much I spent in them just doing my daily 7-11 run.
In terms of myfico or scorewatch, as the other said not a fan. It alerts you after the fact so I don't think there is much benefit in terms of ID Theft protection. (myfico does provide actual fico scores though)
Personally, I get one free bureau every 4 months or so from annual credit report..
credit repair services
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Sun Mar 06, 2011 12:50 pm |
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KatherineLee88
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quote:
Originally posted by Spencer01
In terms of myfico or scorewatch, as the other said not a fan. It alerts you after the fact so I don't think there is much benefit in terms of ID Theft protection. (myfico does provide actual fico scores though)
Personally, I get one free bureau every 4 months or so from annual credit report..
Any sort of ID Theft protection would basically by definition be an "after the fact" protection. No one would be able to accurately predict when and how your personal information is going to be misused BEFORE it's actually misused. Therefore, by definition, all ID theft protection is after the fact. It's protection because it alerts you sooner so you can handle the situation before it escalates from a headache to a credit-ruining nightmare.
So, yes. True, it's an after the fact sort of thing. However, I would rather know "after the fact" 1-2 weeks later rather than after the fact 3-4 months later when I get a new free credit report. Seems like the mess would be easier to deal with at 1 week versus 3-4 months.
However, statistically, the chances of me being a victim of identity theft is very low based on my geographical location, gender, economical/sociological background, and the fact that I've become super-meticulous and aware of where my personal information is going.
But... I do sure like the idea of getting a new Transunion FICO score every three months! I'm sort of excited to see how much it tanked after my recent credit addition!
And I love www.Mint.com. It's probably my favorite online web tool.
It also can track goals when you link it to certain savings accounts, or track a goal for repaying a loan by tracking the loan account online.
It also gives total assets and debts so it can tell you your total net worth based on what accounts you added to Mint.com. I like see my $-30,000 value dwindle as I make payments on my student loans and car..... and as my Roth IRA fluctuates in value.
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Sun Mar 06, 2011 2:43 pm |
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Spencer01
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@ KatherineLee88
All very good points. Not knocking the monitoring sites - just not my cup of tea.
credit repair services
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Sun Mar 06, 2011 3:38 pm |
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