How Does Experian Boost Work?

Consumer credit scores dictate your ability to get a loan, mortgage or even rent an apartment.

When a person has a bad credit score, lenders, renters and some employers will view this as the person being irresponsible.

The good news is that to some extent, a person can work on their credit score and raise it fast.

Experian Boost, from one of the three major credit bureaus, offers a way to help consumers get their credit scores back on track.

In 2019, the average scores were:

  • 695 for FICO
  • 673 for Vantage

If you have a score below 600, it can be hard to get any type of loan or mortgage without high interest rates. Scores can range from 300 to 850, so you have a wide range of score possibilities as your credit history grows.

Anyone that is in the 620 or under range can definitely benefit from Experian Boost.

Even if you’re above this threshold, you’re going to be paying more on interest and fees than, say, someone with a 750 to 850 score.

When you use Experian Boost, you’ll be able to raise your credit score in a hands-off manner so that you can:

  • Boost your credit score
  • Enjoy lower interest rates
  • Increase your chances of getting a loan

 

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how does experian boost work

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Experian has helped add 17+ million points to people’s credit scores – that’s a lot of points. Can you raise your credit score instantly? Yes. The service increases the average person’s FICO score by 13 points, but everyone is different.

You may be in the 740 range, and if you want to hit the “Very Good” or “Exceptional” range, adding a few points to your credit score may be more difficult.

Since 90% of lenders want to see FICO scores, Experian credit boost makes sense for consumers.

When you sign up for Experience Boost , you’ll have to give the company access to your:

  • Bank accounts

The company’s platform will scan all of your bank account transactions for your:

  • Mobile phone bills
  • Electricity bills
  • Gas bills
  • Water bills
  • Cable and internet bill

Once the scanning process is done, the platform will weed through all of the information and analyze all of your payment information. What the platform is looking for is consistent payments made to any of these bills for three consecutive months or more.

Credit scores do not count your utility bills or rent payment in the score calculation because these companies do not report this information in the same way a credit card company does.

The platform will list all of the bills that it would like to add to your credit report. You can choose to add or skip adding any of the bills as you see fit. If you choose to add a few or all of these bills to your account, you may see a positive increase in your:

  • FICO scores
  • VantageScore

Experian data calculates these scores so that you can see how much of an impact the service will have on your credit. A person with no credit or bad credit may have difficulty making consistent payments each month that would impact their credit score simply because they don’t have a mortgage, car loan or credit card payments to make.

But since Experian is adding your utilities to your credit history, it’s possible to boost your credit score without having to accumulate debt in the process.

Two main accounts will be added to your credit report:

  1. Accounts
  2. Tradeline

Only positive payments will be added to your credit history because delinquent payments will only harm your credit score. You will have the responsibility of making sure that you pay all of these bills every month. Don’t add your electric bill to your report and then stop paying it because it will have a negative impact on your score.

Instead, make regular payments so that you can boost your credit score using the bills that you already pay for each and every month.

Delinquent bills will make their way onto your credit score eventually. If the bill goes into collections, the delinquent payments will show up on your credit report.

What Happens If You Stop Making Payments on These Bills?

You don’t want any of these bills to go to collections because they end up on your credit history without using Experian Boost. Experian is also smart, and the platform will look through your bank account to make sure that you have made consistent payments for at least three months for each bill.

If you haven’t made consistent payments or the platform cannot verify whether the payments have been consistent, the account will automatically be removed from your report.

This is very beneficial because once removed from the report, the account will not be factored into your credit score.

Don’t let this process intimidate you from trying Experian Boost. While the process may seem long, it takes all of five minutes to connect your account, add the accounts that will have a positive impact on your score and receive an updated FICO score immediately.

Experian Boost Reviews

Experian Boost Reviews

Experian Boost is a great way to increase your credit score, but don’t take my word for it. The company has a lot of statistics that are factual and show just how well the platform works for anyone trying to boost their credit score.

You’ll find that:

  • 66% of people will have their credit score increase when using Experian Boost.
  • 10% of users that do not have enough credit history for a credit score will have a credit score after using the service.
  • Average scores increase by 10 points after using the service.
  • 75% of people with a FICO score of 680 or less have their scores increase.

The reviews from actual consumers that have tried Experian Boost are primarily positive. Since no negative items are added to reports, no one has seen their score drop as a result of using the service.

Reviews from actual users include:

  • Credit score rose a few points, pushing me from a fair to good credit score
  • Works well with a slight increase in credit score

The main concern that I am seeing is that you have to allow the company to link to your bank account. And there is a lot of speculation about how this works. Some users assume that when linking an account, you’re giving the password to Experian.

This is not true.

Instead, you’re allowing access to your account between your bank and Experian. You’re logging into your banking portal and essentially verifying that you’ll allow Experian to access the account.

If Experian gets hacked or has a data breach of some kind, the information that you use to link the account will not allow the hacker to find your password and log into your account.

Experian Credit Boost

Consumers that are on the threshold of being able to go from a poor to fair, fair to good, good to very good, or very good to excellent credit score may benefit from this service. If you need just a few points to go over any of these humps, you’ll be able to enjoy better interest rates as a result.

But if you’re several hundred points away from a score increase, you’ll have to buckle down and take drastic measures to increase your credit score.

A consumer that doesn’t have a credit score due to a lack of credit history can successfully use this service to be able to have enough information for a credit score.

What’s very interesting is that people with fewer than five accounts on their credit reports seem to benefit from the service more than others. These individuals will have an average credit score increase of 19 points – often a significant increase for the consumer.

If you have a thin credit file or want to establish a positive credit history, Experian Boost can help. The goal is to be able to boost your credit score enough that you’re able to get an auto loan (heavily reliant on FICO scores), receive lower interest rates on credit cards and loans, and can continue working on your credit as a result.

Since the service works for 66% of people that try it and only positive history information is added to your account, Experian Boost is a no brainer.

Give Experian Boost a try today and within five minutes of adding your accounts, you’ll be able to see if your score increased – it’s that easy.

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