There’s no guarantee that using Experian Boost will increase your odds of approval for a specific credit product from a specific lender. Lenders might be using a version of a FICO Score or a different credit scoring model that doesn’t work with Experian Boost.Experian Boost is most beneficial for users who do not have a very robust credit file. Adding a few more on-time payments is unlikely to have a large impact on your credit scores. Your credit history already includes the payment history from your credit card payments (which are reported by the card issuer). If you’re a long-time avid credit card user who charges everything for the rewards points and pays your bill on time and in full, Experian Boost may not be very beneficial.Though Experian Boost is a great feature for consumers who might not have a strong credit file, it isn’t perfect.
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Read More: How to Review Your Credit Report Downsides of Experian Boost™ Users also have the option to exclude any payments they don’t want to be added to their file. The feature only pulls positive payment history, which means it won’t report any negative information that could lower your credit score. Experian needs at least three months of payments within a six-month window.Įxperian Boost shows users which bills are pulled and when they were paid. Once an account is connected, the feature scans transactions for on-time utility, cell phone and streaming video plans, including Netflix, HBO, Disney+ and Hulu payments. For those wary of granting third-party access to their account, Experian explains that its product can access only read-only data from a bank, and doesn’t have access to any of the funds.
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To receive a “boost,” individuals create a free Experian account and navigate to the product’s page.įrom there, users will be prompted to connect the bank account they use to pay their bills. Read More: What Is a Good Credit Score? How Experian Boost™ WorksĮxperian Boost is free to use and there are no existing membership requirements to sign up. Remember that results may vary, and are dependent on factors like your existing credit profile. According to Experian’s website, average users who received a boost improved their FICO Score based on Experian Data by 13 points. Those most likely to benefit have “thin” credit histories, meaning they don’t have many credit accounts to report on-time payments to their credit report. If applicable, you may see the results of Experian Boost instantly. After connecting the bank account, users can choose which positive payment histories from these services to add to their Experian credit report. The first thing you’ll need to do is connect the account that you use to pay your qualifying utility, cell phone and video streaming service payments.
Using Experian Boost to boost your credit scores isn’t complicated. Additional on-time payment history can help increase your credit score. This product allows consumers to add additional on-time payments to their Experian credit report by linking their bank account. On-time payment history is the most important factor in your credit score accounting for 35% of your total credit score, followed by credit utilization which makes up 30% of your credit score. Some may not see improved credit scores or approval odds, and not all lenders use Experian credit files or credit scores impacted by Experian Boost™. As you read the review keep in mind that results may vary. This review details how the feature works and what consumers can expect while “boosting” their credit scores. Experian Boost™ is a free feature that allows consumers to add additional data to their credit file with the goal of improving their FICO® 8 Score. Experian ®, one of the three credit reporting bureaus, wants to make it easier. Having a great credit score can have a major impact on your quality of life, but building a strong credit score can take years.
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