What is Experian Boost?
Experian, one of the three major credit reporting agencies, offers a service to “boost” your credit score.
This can work to increase or create a score, and it can work almost instantly. But before you dive in, make sure to understand the facts.
How it works:
- You start by adding a bank account that you use to pay your bills.
- Then you select the bills you want to use. Experian will detect bills with on-time payments, and then you can add them to your Experian credit file.
- You will find out right away if your FICO Score has increased, and by how many points.
Some things to keep in mind:
- This service is free to consumers.
- Not all payments are boost eligible.
- The score you will see is the FICO Score 8 model. Lenders use different score models or may use one of the other reporting agencies. The score a lender will pull may be different than what you will see from your “boost”.
- It’s also important to keep in mind that if you are late on a bill that you have included in your “boost” it may negatively affect your score.
- This “boost” is only for Experian and will not report to other reporting agencies.
- ALWAYS read the fine print before signing up for any product or service.
To learn more, visit the Experian Boost webpage HERE.
It is important to know that when lenders pull your credit report, they not only look at your score, but also the content of your credit report. Boosting your score may help you get a better interest rate. However, your other credit history will play a part in the lenders decision to approve.
If you’d like to learn more about credit, I can help! As a financial coach I help people learn how to read their credit reports and, understand what we look for when approving loans. I also help people learn how to improve their credit or simply understand what it takes to build a great credit history while remaining in control of debt and personal finances.
If you have questions, CLICK HERE to schedule your Personal Financial Coaching session.
Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com
As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.
