Experian Boost – Instantly Improve Your Credit Score for Free!

Having a good credit score is an essential part of life. The three-digit number shows new creditors who you are from a financial perspective, and how you manage your credit both now and in the past. Credit scores range from 300 to 850, and in most cases, a score that falls above the 700 mark puts you in a prime position to get affordable rates and manageable terms on new credit accounts. However, getting to this coveted credit score isn’t always an easy task.

Credit scores are calculated based on specific information fed to each of the three credit reporting agencies – Equifax, Experian, and Transunion. Each month, these credit bureaus receive data about your current credit accounts, your balances, your monthly payments, and any other relevant information about your credit life. If you have had missteps with your credit in the past, such as late payments, a bankruptcy, or a court judgment, your credit score takes a hit. It can take years to bring your credit score up with these negative marks on record. Fortunately, new technology tools are coming to the market to make improving your credit score less of a challenge.

What is Experian Boost?

Experian, one of the leading credit reporting agencies in the United States, has created a product for consumers that allows them to boost their credit score immediately, for free. Experian Boost is an online opt-in program that gives the company access to information not traditionally considered in credit score calculations. When you sign up for Experian Boost, items like utility bill, trash, and wireless provider payments are instantly added to your credit report, helping improve your credit immediately.

With Experian Boost, consumers also get access to a free Experian credit report and their current FICO credit score. While results may vary depending on the specifics of one’s credit data already provided to Experian, consumers may see an immediate bump in their credit score after signing up for the program.

How Does Experian Boost Work?

Experian Boost isn’t a magic fix for credit scores. Instead, it works strategically to pull in information that may not otherwise be added to your credit report. The program connects to your bank account records and searches for utility bill and wireless phone provider payments over the last several months. These bills are not added to any credit reports naturally, but having the ability to add this history of on-time payments works in your favor when using Experian Boost. The credit bureau adds these details to your Experian credit report, and your payment history is then included in credit score calculations for both FICO and VantageScore credit scores.

Which Bill Types Qualify for Experian Boost?

Here is a full list of the bills that currently qualify for Experian Boost:

• Residential rent with online payments
• Mobile and landline phone
• Cable and satellite
• Internet
• Water
• Gas and electricity
• Power and solar
• Video streaming services
• Garbage and recycling

Things to Consider When Using Experian Boost

If you’ve had a hard time improving your credit score in the past, either due to past mistakes with your credit or a lack of credit history altogether, Experian Boost can be a helpful tool that requires minimal effort and immediate results. You get to choose which payments you want to add to your credit score, and as long as you have consistently paid on time, your credit score may improve by a few to several points. However, there are a few downsides to consider.

Experian Boost only works to help FICO and VantageScore credit scores reported through Experian. This means if a lender evaluates your credit score or report from another credit bureau, like Equifax or Transunion, they won’t see your utility bill and wireless provider payments or take them into consideration. It is also important to note that Experian has limited access to your bank account details when opting into Experian Boost. While the company states this access is read-only, and specific to utility bills and mobile phone payments, the connection may create vulnerabilities in security over time.

Finally, consumers who have had serious issues with their credit in the past, such as a foreclosure, a bankruptcy, or another major financial hit, Experian Boost won’t wipe away these negatives. It takes time and patience to improve your credit score, but the program can be helpful to the right consumers.

Getting Started with Experian Boost

If you’re interested in getting started with Experian Boost, all you have to do is sign-up online. There is no cost for doing so, and you can immediately see your results once you connect your bank records and verify your identity. Using Experian Boost can be a smart move if you’re looking to improve your credit score quickly by adding a history of on-time payments.