If you’re looking to raise your credit score, paying bills on time is a no-brainer. But if you’re struggling with bad credit because of unavoidable work-life issues, Experian Boost can help you easily and quickly improve your FICO score.
Since its launch, more than 60% of people who’ve participated in the Experian Boost program have seen their credit score go up, with cardholders experiencing an average twelve-point increase. But what exactly is Experian Boost and how does it work? Let’s find out.
What Is Experian Boost?
Experian Boost is a free feature offered by Experian—one of the three major credit bureaus—that helps you raise your credit score by providing you with credit for utility, rent, and streaming service payments. Plus, it updates your FICO score and Experian credit report every thirty days, keeps track of your credit score, and performs free dark web surveillance. You’ll also get a free alert whenever your Experian credit report experiences a change, such as a balance update or a new account opening.
You can contact our credit repair services in Houston for personalized information about how Experian Boost can help your individual case.
How Does Experian Boost Work?
If you want to use Experian Boost to improve your credit, you have to create a free account and provide credit-related information, such as your name, Social Security Number, etc. You also need to connect your regular-use bank accounts and credit cards, i.e., those you use to pay bills.
Once that’s done, Experian will begin searching for qualifying bills issued in the past two years. You need to have made at least three bill payments in the past six months for a bill to qualify.
After that, you’ll get a list of bills you can pay using Experian. You have to select which payments you want to add to your Experian credit file and verify the information before you get your boosted credit score.
Which Bills Qualify for Experian Boost?
Here’s a list of bills that qualify for Experian Boost:
- Cable
- Internet
- Mobile phone
- Online rent
- Electricity and gas
- Water
- Solar
- Trash
- Streaming services like Disney+, HBOMax, Netflix, AT&T, Verizon, and Spectrum
Is Experian Boost Safe to Use?
Yes–Experian uses secure sockets layer security encryption to keep your sensitive information safe from malware, leaks, and cybercriminals. Plus, the bureau requires read-only access to your bank account to identify payments and doesn’t see or retain any information in the process. This ensures your personal information is always secure.
Pros and Cons of Using Experian Boost
Let’s take a look at the pros and cons of using Experian Boost:
Pro: You’ll Have a Higher Credit Score
If you’ve always paid your bills on time and never seen your credit score go up, Experian Boost can help you increase your score without breaking a sweat. Plus, it works quickly, so you’ll see an increase in your FICO score almost instantly.
Con: Your Payments May Not Be Eligible
The program doesn’t work with every kind of payment, so you may not get the credit score boost you’re expecting.
Pro: You’ll Increase Your Potential for Better Loan and Credit Card Offers
Experian Boost can give you extra credit history if you don’t have enough to get a credit score. This can help you get better loan and credit offers.
Plus, the program also won’t damage your current score because it doesn’t require a credit inquiry and only looks at your bank data.
Con: It Works Only With Your Experian Score
Because Experian Boost only improves your Experian credit files and score, you won’t see a difference in your Equifax or TransUnion records.
Who Can Benefit From Experian Boost?
If you have little to no credit information on your credit report, setting up an Experian Boost account can help you qualify for loans with better terms and credit card offers. You can also get at least twenty-two points upon signing up for the program.
But those who are only a few numbers away from the perfect FICO score, such as 620, are going to benefit the most from Experian Boost. That’s because, according to Experian, the program has helped subprime consumers increase their FICO score by nearly twelve points on average.
The Bottom Line
Experian Boost is a safe and secure way to improve your credit score quickly by giving you credit for rent, utility, and streaming service payments. It’s also free and can help you raise your FICO score by an average of twelve points.
Additionally, the program is a boon for anyone with a thin credit file or little to no credit information on their credit report. However, it can be difficult to know if your payments qualify for Experian Boost.
If you’re having trouble setting up your Experian Boost account or understanding how to use it, a credit score consultation with us can help. For more helpful credit information, check out our post on goodwill letters for late payments!