myFICO offers our favorite credit monitoring service for business owners. Why? Well, one big reason is in the name.
See, myFICO is one of the few credit monitoring services out there that monitors your FICO credit score and not your VantageScore (Experian is the only other service on our list that uses FICO scores). That means that it’s also one of the few services that shows you the same credit score that your lenders will look at.
That alone is enough to make us love myFICO. But myFICO doesn’t give you just one FICO score―it lets you see 28 different FICO score versions. (There are specific FICO scores for things like auto loans and home mortgages.) So whether you’re applying for a business loan, buying a new car to get to and from your business, or looking into a new house for your home-based business, myFICO will give you the info you need.
Plus, myFICO also has great monitoring features, from credit alerts to reports. It offers analysis and guidance about your credit score, so you can see how you can improve it and what lenders will think of it. myFICO even has a score simulator, so you can see if taking out a new business credit card would help or hurt your chances of getting approved for a line of credit later.
We do want to note that myFICO’s cheapest plan only gives you credit monitoring for Experian―not Equifax or TransUnion. If you want monitoring (and scores and reports) for all three credit bureaus, you’ll need to get myFICO’s higher-tier plans. And frankly, those get a little pricey.
Even so, myFICO gives you lots of credit monitoring services and information―and it gives you access to the same scores lenders use. That makes myFICO a very valuable service, and our favorite credit monitoring service.