Is an insufficient credit history or low credit score preventing you from qualifying for a loan or a decent interest rate?
If you use the traditional tactics, it may take you several months of responsible financial behavior to raise your credit score to a favorable level.
Thanks to Experian®, one of the three leading credit reporting agencies in the U.S., you don’t have to take that arduous route.
The tool, known as Experian Boost™. could raise the credit scores of millions of consumers, especially those that don’t have a significant borrowing history.
It allows users to grant permission to the credit reporting agency to connect their bank accounts and gain access to their telecommunication and utility payments in a bid to update their FICO® score in real time.
How Experian Boost™ Works
In addition to offering free credit reports, Experian wants to help people improve their scores. Here’s a quick breakdown of how Experian Boost can help you.
The Basics of Experian Boost
To begin with, you won’t pay a dime to use Experian Boost. It’s a free tool geared to help individuals struggling with building credit.
If you are looking to boost your credit using the tool, you will have to allow it to scan your bank account transactions to identify mobile phone and utility payments. The information extracted by the tool will be reflected in your Experian credit report and be utilized when calculating various credit scores.
It is worth noting that Experian Boost is only interested in positive payment history. It doesn’t consider defaulted payments.
So, you don’t have to worry about missed cell phone or utility payments hurting your credit score. Once Experian Boost has identified utility and telecommunication payments, you will need to verify the data and confirm that you want it added to your Experian credit file.
Afterward, you will receive an updated credit FICO Score in real time. The entire process takes about five minutes, boosting your credit score almost immediately.
Which Credit Scores Experian Boost Impacts
This tool works with the major credit scores that lenders use, namely:
- FICO 8
- FICO 9
- VantageScore 3
- VantageScore 4
However, if a lender uses credit reports from Transunion or Equifax to determine your eligibility for a loan or credit facility, Experian Boost won’t be of any help.
Also worthy of note is that Experian works with Finicity, a third-party firm that facilitates the transfer of data from consumers’ bank accounts to Experian’s credit report repository. You can get access to the tool by registering on Experian’s website.
Get started w/ Experian Boost
How Effective is Experian Boost™?
Experian Boost by the Numbers
Experian conducted a study to determine the effectiveness of Boost. Here were the findings:
- Two out of three: average scores improved
- 10%: number of consumers who previously had insufficient credit history became scoreable after using Experian Boost.
- 75%: percentage of consumers with FICO Scores below 680 who had their credit scores improved with Experian Boost
- 14%: percentage of consumers with a credit score of 579 and below who saw an improvement in their credit score to between 620 and 679.
- 5 to 15%: percentage who, depending on the credit level, moved into a better score category.
Experian Boost Results
These study findings serve to show that Experian Boost can boost your credit score, especially if you have a thin credit history. However, results may vary from one user to another.
While Boost calculates your score based on the FICO 8 model, a lender may use a different type of score to determine your eligibility for a credit facility.
Nonetheless, boosting that score could eliminate huge barriers for those looking to enhance their financial health. This tool is not only beneficial for consumers. It also helps lenders make more informed lending decisions after seeing consumers’ payment histories.
Start Boosting with Experian>>
Can You Benefit from Experian Boost™?
Who Should Use Boost
According to Experian, Experian Boost would be ideal if you have less than five trade lines and with a credit score between 580 and 669.
However, any credit-active consumer can benefit from the score-boosting tool. In fact, at least 66 percent of consumers will see an improvement in their credit score after using Experian Boost.
Here are a few particular groups who should consider Experian Boost:
- Consumers with incomplete or subprime credit scores: These individuals can boost their score when applying for loans and lines of credit.
- Young adults: Those looking for credit/loans without much to show in terms of credit history, you will find Experian Boost exceptionally valuable.
- Responsible consumers: Those whose good financial habits aren’t reflected in their current credit report could be able to qualify for various credit and loan products.
How to Benefit from Experian Boost
To benefit from Experian Boost, you need to have an online bank account. You also need to allow Experian to scan it electronically. Experian will partner with a financial technology company, Finicity, to check bank statements for qualifying payments.
You should not worry about the security of your information. The system won’t alter your personal data as it uses read-only access. Also, keep in mind that you can revoke the permission granted to Experian at any time.
That means you are in total control and you can only grant access to your accounts only when you need to use Experian Boost.
Alternative to Experian Boost™
Another easy way to boost your credit score is through UltraFICO, which is also geared to help thin-file consumers.
How UltraFICO Works
By evaluating cash balances, UltraFICO is poised to help many consumers who otherwise don’t have, or are struggling to build, up credit. It is aimed at giving those who have no credit or insufficient credit the opportunity to build it by demonstrating they can manage their cash accounts.
Like Experian Boost, this platform also needs access to your bank account data to analyze your financial behavior.
UltraFICO doesn’t look at your telecom and utility payments. It looks at your savings balance and whether your checking account has overdrafts.
It is worth noting that this platform is being rolled on a smaller-scale pilot program first before it is fully launched in mid-2019. That means it could take a number of years for UltraFICO to be widely adopted by lenders.
Bottom Line
Your credit score can have a significant impact on your financial health. It will determine whether you are eligible for a loan or credit product and the interest rate you will pay. With a low credit score, you may not be approved for a loan or credit product.
Experian Boost, developed by the credit reporting agency Experian, can help improve your score, particularly if you have not taken out substantial loans or had credit cards in your own name.
You will have to grant Experian permission to connect to your bank accounts and gain access to your telecom and utility payments. Then you can verify the data and confirm that you want it to be added to your Experian credit file. Afterward, you will receive an updated credit score in real time.
With an improved credit score, you will have a higher chance of getting approved for a credit card or loan and save some bucks, thanks to lower interest rates.
If you’re looking for more ways to boost your credit score quickly, check out this helpful guide to get started.
Boost your credit with Experian>>
–Disclaimer – Results may vary, see website for details.
Way too much exposure! And why should one agency have the unilateral ability to adjust a credit score? It kinda shoots holes in the veracity of the numbers!
it made my score much worse. I applied for a credit card i “pre qualified” fo rthat they reccomended to me to improve the score and all it did was decline me and make me lose 17 point for a hard inquiry. I had good credit now its fair. thanks a lot
Can someone tell me how to delete a post from the board?
I lost my wallet with my credit card, social security card, Medicare card and other health insurance car,d,AAA card,driver’s license, and want to put out an alert if in case anyone finds those cards/information are found and used. Please advise what else I need to do to safeguard my credit/identity information..
Thank You,
Joann
Experian BOOST on line pages did take my bank account info., and scanned my utilities, but only used my comcast bill and and ONLY ONE UTILITY BILL. Ii TRIED TO COPY AND PASTE THE INFO FROM MY BANK STATEMENT, as, REQUIRED, BUT it did not take, and of course did not increase my score. I called your support dept, , asked why, and she said, it would have to be investigated, apparently it NEVER RESPONDED WHY, ETC., BUT DID STATE THAT THE INFO. I INPUT WAS OK. this is NOT WORKING FOR ME, BECAUSE WHERE I live our water, sewer, garbage P/U ARE ALL MANDATORY UTILITY PAYMENTS, THE COMPANIES ARE LISTED ON MY CHECKING ACCOUNT, but your system DID NOT USE THEM?? question— HOW AND WHERE AND WILL YOU FIX THIS??
this is a comment and request, PLEASE RESPOND!
This isn’t Experian’s site. Please contact them for assistance with your specific situation.
Tried to contact Experian Boost with no success. Kept on hold for over 30 mins on the phone. Try sending emails with no reply. My bank does not show up in there system and there is no way for me to contact them in order to resolve this problem.
Too bad there is no place to write a review. I would NEVER!!!! give you my bank account and PIN. If you were legit. then why would you ask me to?
tried it and website is really frustrating, it keeps going back to ordering a credit report and does not allow me to use the boost option. tried calling the number on the site and its one of those auto calls with no options that pertain to the boost program, frustration!!
HOW CAN I BOOST MY CREDIT SCORE. MY CREDIT SCORE IS 300
Is the Experian Boost connected to VENMO? If not, how was VENMO able to connect to someone’s bank account after the consumer connected their bank account to Experian Boost? VENMO allegedly debited 2 very small amounts from their bank account to verify the account was active; However, the next activity showed that they actually withdrew the 2 small amounts. The bank rep stated that the next activity was going to be that they withdraw all the funds from that account. HOW WAS THIS ABLE TO BE DONE AFTER REGISTERING WITH EXPERIAN BOOST?
i am trying to get a loan to help me pay off my credits cards. i need one that has a small interest pay off thanks for your help. also one with lower paybacks
In this world of identity theft, to hand over your bank info to a company who uses a third party to collect that info is ludicrous. Why not simply give your utility bill information instead. Most utilities have a payment history that will tell you of your payment activity. There are much better ways than giving up your bank account info…..
I want to disenrole in boost program I been trying to get rid of it I cannot afford to pay $24.99a month but it won’t let stop it. Please help
I want to disenrole in boost program I been trying to get rid of it I cannot afford to pay $24.99a month but it won’t let stop it. Please hrlp
The mere idea of any of these services needing personal bank account information is horrifying. ID theft implications are beyond acceptable risk levels. If they are so willing to help boost credit scores, then they should consider revising their rating practices. I have a very low score with them and have for several years, due to medical bills I could not pay without insurance having gone to collections, which I am still paying off today. When you are a low wage earner, have a hospitalization and surgery. and no coverage whatsoever, you can end up with hundreds of thousands of dollars in bills which you can’t pay. Since hospitals often just throw such things to collections, you are stuck with the consequences. Experian does not care. Such collections on my history, are not tracked with TransUnion or Equifax and my score with them is over 100 points higher.
I tried Experian Boost twice today. Both times it got to my Huntington Bank information and sent me a verification code via text. I entered the code(s) and got bumped back to a screen that said something went wrong and I should try again. That did not give me a warm and fuzzy feeling about how/why I entered all of my account information. After two attempts I gave up.
Experian boost says it found 24 tmobile payments. I select “add to credit file” and page says “updating credit file” but status bar never moves. Have tried several times for as long as hour and a half as nothing changes. Boost doesn’t work
The mere suggestion of releasing ones bank account to ??? is ludicrous. My score is 650 and it is based on very old accounts. Missing or simply forgetting to pay an account should not result in 25 years of negative credit and it is almost impossible to get a score raised…years and years which is insipid! Recently had a late payment of $30.00 To talbots which is run by Comenity bank….I forgot to push the final button on bank bill pay and realized it after 3 days and called Talbots but it was too late. It appeared on my credit report as a late payment. YES EXPERIAN HAD IT!! They also have information about a late payment but they do not know, nor do they care that the payment was confiscated in the mail and the check was altered by the thief and processed by my bank. It was rewritten to someone in Missouri and my name was forged….it was side marked “moving” and after months of looking for the check payment, my bank called me and asked if I was moving? By now the credit card company had written me off and started sending exorbitant statements which I was unable to pay due to the fees they attached. It has been on my credit for years and years. I cannot even lease a vehicle. Been current with all creditors for years and years but cannot clear up the matter with experian.
My Credit score is good but if theres a way to raise it why not? Problem is, I Pay bills by Credit Card (to earn points, etc.), not through a bank account. So giving my bank login information would show no information pertaining to bill Payments.
This sounds like a great help in boosting a persons credit score, except for the fact it won’t be helpful at Transunion or Equifax, since they don’t consider Utility payments worth noting?Unfortunately 90% of lenders use ONLY Transunion and Equixax credit scores, which to me is unfair. They need to get off there high horse and join with the Experian Boost Program, and make it FAIR for all!
Someone needs to provide the information that people with joint bank accounts will not be able to use Experian Boost even if you and your spouse have separate utility and cell phone bills.
Hello. Trying to use the experience boost but my credit union is not listed. Panhandle Educators Federal Credit Union
This sounds like a very valuable process for someone trying to increase their credit score. HOWEVER, I am very concerned about Experian having my specific banking information. Experian, along with most others, resells info to third parties. WILL THIS SPECIFIC BANKING INFORMATION be included in that information??? Rather than providing specific banking information, can the entities that would have positive information submit my payment histories to Experian? If not, I am very hesitant to use Experian Boost. Thank you.
This would be great; however, I linked my bank account and it found no utilities! Aqua Water, Dominion, First Energy, AT&T and Verizon are quite clearly on there!!!
While my credit is not half bad why would I want to give any agency my banking logon and password??? This seems kinda shady to me. Nobody needs to know this but me.
do boost experian have a phone number
Your new tool is ridiculous. With multiple credit reporting agencies….and you can manipulate the score of someone with your APP….why do we need the credit reporting agencies. Why do we need or should validate your data? You now use smoke and mirrors. You are putting yourselves out of business. Hello is there any intelligent life on this planet!
To many really sensitive info questions. This is an identity thief’s dream. No way Jose. I will live with my meager credit score.
I tried Experian with Boost but it did not help very much! I am in the FAIR credit rating score (around 660) since I paid off my car loan & credit card. Both accounts are now closed. I no longer have / want a credit card, but I want my Credit Rating back in the 720 range. My 2 Credit karma scores are about the same, but the Experian rating is -35 points lower. Adding Boost and using 3 accounts (Cell, Internet,& Electricity auto payments) from my bank account (using 57 payments made) my credit score only increased +16 points. WOW, Hardly enough to give up my bank info. C K suggestion is to open a new credit card and put those auto payments on the new CC (not my bank account). But with FAIR credit rating APR is 25% on most cards I would qualify for. Seems like you can’t win unless you are in debt!
I am very interested, however, I am afraid to give out my banking user name and password
PLEASE PLEASE PLEASE!
Include monthly mortgage payments!
Include monthly association fees!
Include monthly home insurance!
Include monthly car insurance!
All/most of these are already being paid by those of us needing a credit Boost!
Please add them to the eligible accounts as soon as possible so we can benefit and help improve our financial status quicker!
Thank you!