How Does Experian Boost Work?

Experian Boost is a service that is the first of its kind, helping consumers to improve their FICO score in an instant by giving them credit for payments for telecom, on-time utility, and some streaming services. People who have little to no credit history are the best candidates for Experian Boost as well as those established borrowers who want to improve their credit scores.

The average users were able to boost their FICO^® Score 8 based on the data of Experian by up to 13 points. But, there are some who might not enjoy approval odds or improved scores. There are also lenders that don’t use credit data affected by Experian Boost.

Experian Boost – How It Work

Phone and utility payments are typically not considered in your credit scores. However, if you are using Experian Boost, Experian will use your bank records to look for on-time payments that are qualified for the monthly bills. On-time payments for Netflix are also considered by Experian Boost today to give consumers even more chances to make their credit scores better.

With your credit file now getting these records, Experian Boost can help establish a positive history of payment. Your payment history is the foremost crucial factor during the calculation of your credit scores. This is why it can be extremely valuable to add records of your on-time payments. It is important to remember that Experian Boost will only consider the positive payment history on the accounts, which means that your credit score won’t get lower with late payments.

How long your credit history also has an important role in your credit scores. Having more accounts added to your credit file through Experian Boost can help you in building your credit history by showing more evidence of on-time payments and active accounts.

What Sets Experian Boost Apart?

Experian Boost is not only different because this is the first-ever service that gives users an ability of increasing their FICO® Score in just a few minutes. By far, there are more than 4 million Americans who connected Experian Boost and their accounts.

As stated earlier, there are some payments that were never before considered in your credit score. Experian Boost is the very first product that changed this as it boosts your credit scores right away if your bank accounts are found to have qualified timely payments.

Who Can Take Advantage of Experian Boost?

Experian Boost has already helped increase the credit scores of Americans all over the country by a total of over 29 million points. Anyone is allowed to sign up for the Experian Boost service although the highest number of benefits can be enjoyed by people with fair to very poor credit scores and those with little to no credit at all.

Out of every tier of FICO credit, including exceptional, very good, good, fair, and very poor, most people who have very poor scores and used Experian Boost were able to see an increase in their FICO Score. Most people who have fair scores experienced an increase in their scores.