Disclosures – This post is brought to you by Experian and contains affiliate links. While this was a sponsored opportunity, all content and opinions expressed here are my own.
With Experian Boost™* results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.* Some links may be affiliate links where I may earn a small commission if you choose to click on it.
One of the most important numbers in any adult’s life is their credit score. When you have a high credit score, you can access credit cards with favorable payment terms (lower interest rates, fewer fees, more rewards), apply for home or auto loans without worrying too much about whether you’ll get approved, enjoy peace of mind when applying for rental housing, avoid security deposits on new utility accounts, and so much more.
While there are plenty of benefits to having a great credit score, millions of Americans continue to struggle with “poor” to “fair” credit scores. If you have a score ranging from 300-669 (poor/fair) or even 670 to 739 (good) and you want to get access to the aforementioned benefits that people with excellent credit enjoy, then how can you quickly boost your credit score without spending countless months or even years building or rebuilding your credit history?
Enter Experian Boost™, a new credit-building product designed for the 100+ million Americans who don’t get access to many quality lines of credit due to their limited or poor history with credit use. Experian’s website bills its new Experian Boost program as a way to “instantly improve your credit scores,” which can help you save a ton of money on interest and paperwork headaches over the next several years if you increase your score sooner rather than later.
If you’re interested in adopting easy and proven ways to improve your credit scores, then Experian Boost™ might be an excellent fit for your situation.
What Is Experian Boost™?
Experian Boost™ allows consumers to add their utility accounts and telecom bill payments to their credit reports. They can do this by permitting Experian to connect their online bank or credit union accounts to view on-time and in-full payments sent to utility and telecommunications companies. Once you verify your personal and financial information and agree to add this payment information to your Experian credit report, you’ll receive an updated FICO® Score right away.**
Experian reports that this process can take a few minutes, and so far 1.3 million consumers have experienced a bump in their FICO® Score after using Experian Boost. If you’re more concerned about having a limited credit history (referred to as a “thin file” because you don’t have many accounts open and active), then you could also benefit from Experian Boost by adding your utility and telecom payments to your credit report.
Improve your FICO® Score with Experian Boost™. Results may vary, see website for details.
According to Experian’s research, millions of people could move into an entirely new credit score category by trying out Experian Boost (e.g., from fair to good). And,15% of consumers who have tried the program have moved into a higher credit score category after adding their utility and telecom records to their credit report.
Perhaps you won’t move into an entirely new credit bracket, but Experian’s research has nevertheless found that two out of three consumers’ scores improved after utilizing the Experian Boost program.
How Much Does Experian Boost Cost?
Usually, when you see programs that promise to help consumers improve their credit scores quickly (let alone “instantly”), you assume it must be either expensive or questionably legitimate. In Experian’s case, however, you’re working with one of the major credit bureaus itself and best of all – it’s completely free.
Experian Boost is completely free and can instantly raise your credit scores. All you need is a free Experian membership (no credit card information required), and you’ll be well on your way to improving your FICO® Score.
How to Improve Your Credit Score
It’s worth noting here that Experian utilizes the FICO® 8 and 9, as well as VantageScore 3.0 and 4.0, scoring models, whereas the other bureaus (Equifax, TransUnion) may use different models to determine your credit score. You should still dedicate more time and effort to manually boosting your credit score through actions such as:
- Maintaining on-time bill payments with auto-pay
- Paying more than the minimum amount owed on your loans and/or credit cards each month
- Implementing the snowball debt repayment or debt avalanche method to tackle debt more quickly and efficiently
- Requesting a higher credit limit on your existing cards to lower your credit utilization ratio
Could Experian Boost Help Your Credit Scores?
Based on Experian’s research, many consumers would benefit from the Experian Boost program. It’s free of charge and takes less than 10 minutes to complete, so what do you have to lose by signing up?
At worst, your score won’t improve; at best, your score could push you into a new category and help you qualify for fantastic benefits like lower interest rates, easier access to loans, and better negotiation terms with lenders.
Your phone payments and utility bill payments are so similar to credit card and loan payments that they should be factored into your credit score – if you want to try for an instant boost to your credit score, then sign up for the free Experian Boost program today to see what it can do for you.
The majority of consumers, but not all, who add self-reported accounts with recurring payments through Experian Boost will see their FICO® Score based on Experian credit file improve immediately. Experian Boost empowers consumers to add or remove telecom and utility accounts to your Experian credit file at any time.
Experian Boost applies to many of the most widely used score models used by lenders, but currently, most mortgage scores are not impacted. Results may vary. Not all lenders use Experian credit files. Not all lenders use scores impacted by Experian Boost.
* Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
** Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.