People looking to improve credit scores need as many strategies as available to accomplish the goal.
For the past year, Experian Boost helped more than 1.3 million consumers collectively grow their FICO® Scores☉ by nearly 15.5 million points according to Experian.com.
Experian Boost is a tool that allows users to include their utility bills, including internet, cable, gas, electric and water bill and cell phone bill payment history in their Experian credit report.
Consumers can now include their Netflix payment history on Experian Boost Accounts.
How Experian Boost Works
Raise your credit scores securely with the Experian Boost tool by getting credit for on-time payments for phone, utility, and Netflix bills paid with your checking or savings account.
- Experian Boost works by connecting to your bank account to find qualifying on-time bill payments.
- Those payments are then added to your Experian credit file only.
- Choose and verify the positive payment data you want added to your Experian credit file. You can link positive payment data as far back as 24 months.
- Receive an updated FICO score.
- Experian Boost includes access to your Experian credit report and FICO score, both updating every 30 days
FICO® Scores are used by 90% of top lenders. Experian boost does not impact your credit reports or scores at Transunion and Equifax.
Experian Boost does not include late payments of cell phone, utility, or Netflix. The platform only pulls positive payment history.
How many points will Experian Boost add to FICO® Scores
Based on Experian data, the average user sees a 13-point increase in their FICO® Score 8, but there’s no guarantee. What’s even better is the increase in score is immediate! Experian Boost is a free service that can help you raise your FICO® Score in a matter of minutes.
According to Experian, “Out of each FICO credit tier—very poor (300-579), fair (580-669), good (670-739), very good (740-779), and exceptional (780-850)— the majority (87%) of people with a very poor score who used Experian Boost saw their FICO® Score increase. Among people with a fair score, 63% saw their scores increase.” If you are in the process of building credit, this may take you to the next step.
A good credit score saves you money and opens doors to new financial opportunities. Better credit scores give you access to favorable interest rates on new loans, which could save you hundreds or even thousands of dollars over the life of the loan.
How to Sign-Up for Experian Boost
Signing up for Experian Boost is free and easy.
- When you go to the Experian Boost page, you’ll be asked to create a free Experian account to start the process.
- You’ll then connect your online bank accounts so Experian can search for any qualifying on-time payments.
- Once you verify that you want to add the accounts to your credit file, your credit scores will be calculated using the newly added payment information.
- The process is simple, and if you receive a boost, you’ll see your FICO® Score increase in just a few minutes.
You get real-time results. Experian Boost only pulls information that will help your FICO® Score. Even if you miss a utility bill after using Experian Boost, they’ll overlook this data. Plus, Experian Boost won’t track any payment history data you don’t want included.
If you decide the service isn’t for you, you can remove your data via Boost at any time.
How Much Does Experian Boost Cost
Free Experian Boost. When you sign up, you’ll automatically be enrolled in a free Experian CreditWorks℠ Basic membership that includes free Experian Boost, credit monitoring, and a free FICO® Score. There is no additional charge to connect your bank accounts to boost your credit score.
Premium Experian Boost. The Premium version charges a low introductory $5 for the first month and $25 for each month afterward. Features include identity theft monitoring, CreditLock, which lets you “lock” and “unlock” your Experian® file and alerts you to any inquiries. Daily score alerts from Experian® and a monthly score alert from all three major credit bureaus — Experian, Equifax, and TransUnion. You can cancel at any time.
FICO 8 is currently the credit scoring model most widely used by lenders. If you pay a Netflix, utility, or cell phone bill using your bank account, consider trying Experian Boost to see if you can instantly raise your FICO® Score. While on-time Netflix payments aren’t going to give you a 100-point score increase, a few extra points can boost you to better interest rates.