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Launched in 2019, Experian Boost is a program that allows your positive history of paying utility and phone bills to be included on your Experian credit report and factored into your FICO score or VantageScore.
The result: a “boost” to your credit score. And the program is a win-win for consumers and the credit bureau. Experian Boost enables many borrowers to get better interest rates and products – and also help Experian sell more credit reports.
How does Experian Boost work?
The Boost program is the result of Experian’s in-house research, which identified a strong correlation between paying utility bills and future loan defaults. FICO and VantageScore agreed with Experian and now you can get these bills factored into your credit score.
Getting those extra points is easy. The free program is an opt-in one that you initiate by visiting Experian’s website. Once there, you’ll need to identify yourself. This is much the same process you follow to get your credit report online.
Once you prove you are who you are, you begin the process by adding your checking account information to your credit file. You can add more than one checking account from more than one bank. You can also use a joint account, but you can’t use a business checking account.
Behind the scenes, Experian uses leading financial data aggregator Finicity to make all the connections between Experian, FICO, VantageScore and your bank. Most banks are already in the network, but some smaller ones are not. If your bank doesn’t connect, just let Finicity know and it will reach out to the bank in question.
Here are a few great features that make the program a winner for everyone:
- It grabs only positive payment information – nothing negative in your checking account will show up.
- It looks back 24 months from the get-go, so most people won’t have to wait for a payment history to be built.
- It covers all kinds of utility payments like electric and gas, cable, cellphones, landlines and even water bills if they are identifiable.
- You can opt out at any time.
Who will benefit the most from Experian Boost?
So, what can you expect from using Boost? Well, the more lines of data you can supply, the better. Here’s who benefits the most:
- Those with thin credit files (five or fewer accounts) will see the biggest impact from the program, but you need to have at least one open traditional account to get a score boost.
- If you’re new to credit (short credit history) or just don’t have much in your credit file, you can benefit from the program quite a bit.
- Those with scores just below the next credit scoring tier might want to consider using the program.
Score increases of approximately 10 to 30 points are typically doable and the impact is almost immediate. During the sign-up process, Experian will give you a free credit report and score. Once sign-up is complete, you get an updated score right away.
Even people with top scores can add a few extra points, but the impact of moving from 800 to 805 is not as dramatic as moving from 680 to 700. The Boost data affects FICO 8 and 9 and VantageScore 3 and 4.
Keep in mind that this service is available only from Experian, so if a prospective lender only uses credit reports and scores from Equifax or TransUnion, Experian Boost may not help you get approved for a credit card or a loan.
Bottom line
Consumer credit advocates love Experian Boost, and there’s more good news: Experian also has RentBureau, which can enable you to report rent payments on your credit report. Additionally, with the new UltraFICO score, you can get credit for good money management and saving habits. With all these ways to boost your score, you shouldn’t have much trouble making one work.
Editorial Disclaimer
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Steve Bucci has been helping people decode and master personal finance issues for more than 20 years. He is the author of “Credit Management Kit For Dummies,” “Credit Repair Kit For Dummies,” “Barnes and Noble Debt Management,” co-author of “Managing Your Money All-In-One For Dummies” and “Debt Repair Kit For Dummies” (Australia). Steve is an experienced expert witness in identity theft, credit scoring, and debt-related cases. He has been a presenter at the FICO InterACT Global Conference, the Federal Reserve and the International Credit Symposium at Cambridge University in the UK.
FAQs
Experian Boost can help you increase your credit score simply by sharing how you manage your money. It lets you share information about your regular spending, such as payments to savings accounts, Council Tax payments, and digital entertainment payments to the likes of Netflix and Spotify.
Does Experian boost work with credit cards? ›
How does Experian Boost work? Good question! Connect to the bank or credit card account you use to pay your bills and/or rent. We'll look through 2 years of payment history for any qualifying bills that have at least 3 payments in the last 6 months (including 1 payment within the last 3 months).
What are the negatives using Experian Boost? ›
Downsides to Using Experian Boost
Your scores calculated based on your TransUnion or Equifax credit report or other credit scoring models are unaffected. May not count with some lenders: Some lenders may use credit scores that are not affected by Experian Boost.
What bills qualify for Experian Boost? ›
Experian Boost is a free feature that can improve your FICO Score by adding household bill payments to your Experian credit report. Eligible accounts may include utility bills, cable, internet, streaming subscriptions, insurance and online rent payments.
Does Experian boost actually make a difference? ›
On average, Experian reports that participants raise their FICO 8 credit score by 13 points after enrolling in Boost — which can be a major help for consumers who are close to qualifying for the next-higher credit bracket.
Should I link my bank account to Experian Boost? ›
Connecting to Boost will never be the cause of your credit score going down – but while connected, your score could go down for the common reasons a credit score can drop. Boost is dynamic and will be updated regularly. That means your boost can also go up or down while connected.
How to raise your credit score 200 points in 30 days? ›
How to Raise your Credit Score by 200 Points in 30 Days?
- Be a Responsible Payer. ...
- Limit your Loan and Credit Card Applications. ...
- Lower your Credit Utilisation Rate. ...
- Raise Dispute for Inaccuracies in your Credit Report. ...
- Do not Close Old Accounts.
Experian Boost will add in a range of payments via Open Banking, including money earnt and spent, as well as council tax payments, savings and investments, and subscription payments to Netflix, Spotify, and Amazon Prime, to credit scores.
Which lenders use Experian only? ›
Although there isn't a bank that exclusively uses Experian, some banks that typically use Experian data more commonly include American Express, Bank of America, and Wells Fargo.
What is the quickest way to raise my credit score? ›
- Make On-Time Payments. ...
- Pay Down Revolving Account Balances. ...
- Don't Close Your Oldest Account. ...
- Diversify the Types of Credit You Have. ...
- Limit New Credit Applications. ...
- Dispute Inaccurate Information on Your Credit Report. ...
- Become an Authorized User.
Experian Boost impacts multiple credit scoring models, so as long as your lender utilizes the most common versions of the FICO® Score and VantageScore®, they will see your boosted credit scores when they request your credit report from Experian.
How can I raise my credit score 100 points overnight? ›
10 Ways to Boost Your Credit Score
- Review Your Credit Report. ...
- Pay Your Bills on Time. ...
- Ask for Late Payment Forgiveness. ...
- Keep Credit Card Balances Low. ...
- Keep Old Credit Cards Active. ...
- Become an Authorized User. ...
- Consider a Credit Builder Loan. ...
- Take Out a Secured Credit Card.
Experian launched Experian Boost in 2019 and has added to the list of eligible payment types since then. Today, consumers can use Experian Boost to add several types of insurance payments to their credit report, including monthly auto insurance payments.
What bills make your credit score go up? ›
Paying utilities, rent and cell phone bills can help build credit if they're reported to the credit bureaus. If certain bills aren't reported to the credit bureaus, you can consider using a third-party service to report your payments.
How many credit cards should you have? ›
However, it's generally a good idea to have two or three active credit card accounts, in addition to other types of credit such as student loans, an auto loan or a mortgage. Just remember: The number of credit cards you own is less important than how you use them.
Does Experian boost help all 3 credit bureaus? ›
Since this feature is provided by Experian, it only influences your Experian credit report and credit score. Signing up for Experian Boost won't make a difference in your credit scores with Equifax or TransUnion. When you apply for credit, lenders may review your credit from any one of the credit bureaus.
Do mortgage lenders look at Experian Boost? ›
Some users may not receive an improved score or approval odds with Boost. Users who received a boost improved their FICO® Score 8 from Experian by an average of 13 points. Most mortgage lenders do not consider credit scores impacted by Boost. Terms and conditions subject to change.
Is it worth paying for Experian credit Expert? ›
Ultimately, whether it's worth paying for a premium Experian account or not will depend on how closely you need to monitor your credit record. Since a general overview of your credit score is free, if you only require a cursory look at your credit report then these premium features might not be worth the investment.
