You may already know Experian is one of three major credit reporting bureaus in the U.S. And you might be aware they offer free credit reports, daily credit monitoring and credit scores.
But did you know Experian can also instantly give your credit score a boost?
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Four Million People Served & 50 Million FICO Points Added
Launched in 2019, Experian Boost™ is an innovative tool that enables consumers to increase their credit score—instantly. To date, Experian claims more than four million people have used Boost to enhance their FICO scores by 50 million+ points—with an individual average of approximately 19 points. And there’s no charge to people who want to take advantage of this service.
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How Does Experian Boost Work?
Experian Boost gives consumers the chance to build credit with bills that don’t typically get reported to credit reports, including utility bills, phone bills, cable and streaming services. Here’s how it works...
1. Visit the Experian Boost website and register for the free service.
2. Connect the bank account you use to pay your qualifying utility, cell phone and video streaming service bills.
3. Choose the payments you want to transfer into your credit report. (Note: Experian can only access that specific data from the account and does not have access to the funds in the account.)
4. Select the positive payment histories you want to add to your Experian credit report.
5. Watch the results “boost” your score instantly.
Based on the information you provide, Experian can “boost” your score. In fact, you can share up to two years of these transaction to demonstrate a positive payment history to Experian.
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How Can Experian Boost Help?
Increasing your FICO score could help you in a few ways. Obviously, a higher FICO score could mean the difference between approval and denial for a loan, credit card or even rental. But it can also mean saving money over the life of a loan—because a higher FICO score may qualify you for a lower interest rate.
Or in the case of a Home Equity or HELOC loan, it could mean being able to access more cash from your available equity, depending on your lender’s guidelines.
One important aspect to remember is this: Experian Boost can help your credit score as reported by Experian, but it will not impact your score with the other two national credit bureaus - TransUnion or Equifax. Be sure to keep this in mind as you apply for credit or loans—or check your credit score with the different national credit bureaus.
The bottom line? If your FICO score puts you “right on the edge” between approved vs. not approved—or a few more points on your FICO could mean a lower rate or payments—Experian Boost may be just what you need. So be sure to ask your lender about it if you find yourself in need of a few points. Still want to know more or need help? We're happy to assist.
