Launched in 2019, Experian Boost has helped millions of consumers instantly improve their credit scores. It’s offered by the largest credit bureau, Experian, and there is no minimum credit score, income or other stringent eligibility criteria. Even better, it’s free, and you’ll only need a few minutes to enroll. Let’s review how it works so you can determine if Experian Boost is really worth it for you.
Experian Free Credit Score
What Is Experian Boost?
Experian Boost is a service that factors on-time payments made to qualifying utility (i.e., electric, gas, water, satellite, cable), cell phone and streaming service providers into your credit score. These include AT&T, Disney+, HBO, Hulu, Netflix, Spectrum and Verizon.
Since payment history is the most important part of your credit score, accounting for 35 percent, adding more positive payments to your credit report could help boost your credit health and improve your score.
Experian Boost won’t report late payment information.
Is Experian Boost Worth It?
Before deciding if Experian is a valuable service, ponder the following questions.
Can It Really Raise Your Credit Score?
The average credit score increase for Experian Boost users is 12 points. Some users don’t see any improvement in their credit scores, though. It depends on your credit history and what’s in your credit profile.
What Are The Benefits Of Using Experian Boost?
- It allows you to build credit using eligible bills for everyday expenses that aren’t usually reported to the credit bureaus.
- Your credit score could improve and help you qualify for more favorable interest rates on loans and credit card products.
- It’s free when you register for a CreditWorks℠ Basic membership.
- You’ll also get access to your Experian FICO Score and your Experian credit report with monthly updates, Experian alerts and credit monitoring of your Experian credit file, dark web surveillance and a credit card and loan matching tool.
- You can start boosting your credit score without hiring a credit repair company.
Experian Free Credit Score
Are There Any Drawbacks?
- Not all users will see an increase in their credit score in Experian.
- Experian Boost doesn’t work for Equifax and TransUnion scores.
- Some creditors and lenders won’t use your updated score from Experian Boost to make lending decisions.
- Payments made to service providers through cash, check, or accounts outside those you select to use with Experian Boost won’t be considered.
- If you’re buying a home, lenders use other credit scoring models that aren’t boosted to make a lending decision.
Who Is Experian Boost Best Suited For?
Experian Boost is ideal for individuals with no credit history or just starting out with their past few credit accounts. You could also benefit from Experian Boost if you’ve had a series of past financial missteps and are working to improve your credit health.
Even if it only adds a few points to your credit score, the increase could help you move into a new credit score range. Depending on where your score started, it could mean the difference between qualifying for a loan or a credit card. In some cases, a slight increase may get you a more competitive interest rate that saves you hundreds or even thousands of dollars more on loan products.
However, you may not see the type of results you’re seeking from Experian Boost if you have an established credit history and your credit score is on the higher end.
How To Sign Up For Experian Boost
If you think Experian Boost is worth a try, visit the Experian Boost webpage to get started. You can also download Experian’s mobile app on your iOS or Android device. You’ll be prompted to sign up for an Experian CreditWorks℠ Basic membership before you can begin using the service.
Input your name, address and email to create your free account. Next, log in to access the online dashboard and connect the accounts you use to pay your monthly bills. Experian will evaluate your bank account to identify qualifying payments and allow you to choose which you want to use for the service. (Quick note: You must have three or more months of payment history to a particular service provider for the bill to be eligible for use with Experian Boost).
That’s all there is to it, and you could see an increase in your credit score right away. If you decide at any time that Experian Boost is no longer a good fit, you can unenroll at the tap of a fingertip.