Credit Monitoring

IdentityIQ vs MyScoreIQ

When it comes to understanding your credit and choosing the right service for tracking your scores, it's important to know the key differences between the options available. Here’s a breakdown of what you can expect from IdentityIQ and MyScoreIQ and how they compare, especially when it comes to your credit repair journey and important financial goals like buying a house or car.

IdentityIQ (VantageScore 3.0)

IdentityIQ offers access to your VantageScore 3.0 credit scores, which are based on data from the three major credit bureaus: Equifax, Experian, and TransUnion. Even though VantageScore 3.0 is not the score that most lenders use, having access to three credit reports every month is still extremely valuable. This service allows you to track all the changes on your credit reports—whether it's due to new accounts, changes in credit utilization, or any other factors affecting your credit.

Why is this beneficial?

• You’re still monitoring the most current and accurate data from each of the three bureaus, which is crucial when you're in the process of repairing your credit.
• Being able to track updates on a monthly basis ensures that you can catch errors or negative changes before they negatively impact your score.
• The VantageScore 3.0 is widely accepted by many services, so it helps you gauge your creditworthiness and monitor improvements over time.

While VantageScore 3.0 might not be used by all lenders, it’s a helpful tool for keeping track of your credit health overall.

MyScoreIQ (FICO 8 Credit Scores)

MyScoreIQ provides access to FICO 8 credit scores, which are the most commonly used credit scores by lenders. If you're seeking a more accurate understanding of where you stand with your credit, FICO 8 is the score to rely on. This service will provide you with monthly access to your true credit scores, which is especially important when applying for loans or mortgages, as lenders rely heavily on FICO scores for lending decisions.

Why is this beneficial?

• True FICO Scores: If you want to know the exact credit scores lenders will be reviewing when you apply for a mortgage or auto loan, FICO 8 is the one you need to focus on. It's the most commonly used scoring model by banks, mortgage lenders, and auto loan providers.
• Having a direct, monthly update on FICO 8 gives you clarity on how lenders view your creditworthiness and allows you to prepare for future financial applications.
• If you are in the process of improving your credit, understanding the impact of your actions on FICO 8 scores will be more aligned with your goals.

MyScoreIQ (FICO 8 + Industry Preferred Scores for Mortgages and Auto Loans)

For those specifically looking to buy a house or a car, MyScoreIQ’s option that includes Industry Preferred Credit Scores is the best choice. These scores are aligned with what mortgage lenders and auto loan providers use, meaning you're getting a more realistic view of your credit health from the perspective of lenders in those specific industries.

Why is this beneficial?

• Industry-Specific Scores: Lenders for mortgages and auto loans often use customized versions of the FICO score, such as FICO Auto or FICO Mortgage scores. Having access to these industry-specific credit scores gives you a true picture of where you stand for those specific loans.
• If you're looking to purchase a house or car, knowing what lenders see is critical for ensuring you're prepared for loan approvals or for avoiding surprises during the application process.
• This plan provides access to FICO 8 as well, along with the specialized versions of FICO that are more tailored to your specific goals.

Key Takeaways and Pricing Difference

While there is only a $10 to $13 difference in price between all three options per month, the added benefit of having access to accurate credit scores can be highly valuable, especially when preparing for big financial decisions like buying a house or car.

• IdentityIQ offers great value if you want to monitor your credit reports across the three bureaus and see how your credit is evolving, but it’s important to remember that it does not provide the FICO scores lenders typically use.
• MyScoreIQ with FICO 8 gives you access to the most widely used scores by lenders, so you’ll know exactly where you stand in the eyes of most banks and lenders.
• MyScoreIQ with Industry Preferred Scores is the ideal option for those who are looking to purchase a home or car and want to see the exact scores lenders use for mortgage or auto loan approval.

At the end of the day, the small price difference is worth it if having accurate credit scores is important to you. If you're serious about repairing your credit or preparing for a large purchase, knowing your true FICO scores and the industry-specific scores can help ensure you’re in the best possible position for approval when the time comes.

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