Have you ever looked at your credit score and thought to yourself, “Man, I could use a little boost?”
Well Experian must have heard you (and thousands of others) because they just rolled out Experian Boost, a free online platform that allows you to instantly and easily influence your Experian credit score.
Sound too good to be true? It’s not.
Thousands of people have already begun to see a “boost” in their scores.
It works by factoring in your utility payment history and other monthly payments you make regularly, but might not receive credit for when your score is factored. The great thing is only positive payment histories will be aggregated through the platform and consumers can remove the new data at any time so it has a higher likelihood to benefit you.
Experian Boost is a free feature that you can access by signing up for a free Experian membership to access it.
Experian Boost outcomes vary and individuals with “slim credit profiles” meaning they have little to no open accounts that are reported to the bureaus either by choice or those with poor credit score ratings will likely see the most difference.
How does it work?
Sign up for an Experian Account if you haven’t already done so at experian.com/myfabfinance
When prompted, connect the bank account or accounts you use to make bill payments. (This step is what allows Experian to identify the bills you’ve already been paying, but haven’t been getting credit for).
Verify the bills you want applied to your credit file.
Get ready to boost your score!
The boost results will come back instantly, with the majority of people seeing their FICO® Score go up.
In some instances you could see a drop in your score and if that’s the case simply remove the boost and your score will go back to where it was.
It won’t hurt your credit and you can always try boosting your score again later.
It’s not a one size fits all solution, but it is a step in the right direction when it comes to credit scoring fairness and including multiple aspects of our financial lives, not just our relationship to debt.
I had a chance to give it a try and I genuinely enjoyed the process. It didn’t just look at my score it assess a variety of other factors that affect my score, explained them to me and calculated my debt to income ratio so not only was it helpful it was also informative.
Experian Boost doesn’t affect your Fico 2 score, which is still the scoring model most mortgage lenders use to determine your creditworthiness. It also only applies to you Experian credit report so you wouldn’t see a boost in your scores from other bureaus.
This post was sponsored by Experian however all opinions are our own.