This is how Experian Boost really works
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If you try to raise your credit rating, paying your credit card bills on time, and reducing your balances are two positive steps you can take. But if you need to increase your score faster, you may also consider Experian Boost ™.
Experian Boost is a completely free feature that allows you to connect your utility and telecommunications accounts to your Experian credit report, which can potentially increase your credit score.
By linking your bills like monthly water and cell phone service, you can get credit for positive and on-time payments. Experian also recently updates to eligible bills to include on-time Netflix® payments, giving you more ways to improve your credit.
Keep in mind that Experian Boost requires users to have at least one active credit account, such as a credit card or Personal loan, register. If you want to improve your credit by fair at good, this feature can provide a useful path.
Here are the eligible types of utility, telecom, and streaming subscription payments that you can combine:
- Mobile and landline phones
- the Internet
- Cable and satellite
- Gas and electricity
- The water
- Electricity and solar
- Trash can
- HBO ™
- Hulu ™
- Disney + ™
Once you’ve signed up and logged your bills, you’ll instantly receive your new credit score, which may reflect an increase. On average, users see an increase of more than 10 points in their FICO® 8 score, based on Experian data.
Of course, results may vary depending on your individual report, and you may not see any change in your credit score.
Since this feature is provided by Experian, it only influences your credit report and Experian credit score. Signing up for Experian Boost will not make any difference in your credit scores with Equifax or TransUnion. When you apply for credit, lenders can review your credit with one of the credit bureaus. An increase in your Experian credit score may not improve your chances of qualifying for a loan or credit card if the lender uses Equifax or TransUnion.
- Connect the bank account (s) you use to pay your bills.
- Choose and verify the positive payment data that you want to add to your Experian credit report.
- Receive an update FICO score.
Experience boost can extract positive payment data as far as 24 months. Late payments on linked accounts will not be reported through this feature. (However, you should always pay unpaid bills promptly to avoid late fee.)
Beyond the possibility of increasing your credit score, Experian Boost provides updates to your Experian credit report and the FICO score every 30 days. You will also receive free credit monitoring alerts for changes to your Experian credit report, such as new account openings and balance updates.
For a more comprehensive credit monitoring plan that tracks changes to your three credit reports, consider Experian IdentityWorks℠ Premium, which costs $ 19.99 per month for an adult. There are also a variety of family plans available for up to two adults and up to 10 children, which is why Experian IdentityWorks ranks as CNBC Select. best credit monitoring service for families.
On the secure Experian site
$ 9.99 to $ 29.99 per month
Supervised credit bureaus
Experian for Plus plan or Experian, Equifax and TransUnion for Premium plan
Credit rating model used
Dark web analysis
Yes, up to $ 500,000 for the Plus plan and up to $ 1 million for the Premium plan *
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.