Experian Boost is offered by the largest credit bureau worldwide, Experian, and helps consumers improve their credit scores with ease. It’s a free service that lets you include monthly payments to service providers in your credit history to improve your Experian score. But maybe you’re wondering what bills qualify for Experian Boost and if you’re allowed to select which ones are added to your credit profile or if Experian automatically does that for you.
That’s a valid question, and you’ll discover the answer in this guide. You’ll also learn how to sign up for Experian Boost and possibly improve your credit score right away.
Experian Free Credit Score
About Experian Boost
With Experian Boost, you’ll get credit for timely payments to qualifying utility, streaming service and cell phone providers. Some of the more popular service providers include AT&T, Disney+, HBO, Hulu, Netflix, Spectrum and Verizon. However, even if your provider isn’t on this list, you may still benefit from this free service.
On average, users see a credit score increase of 12 points. But be mindful that not everyone who signs up for Experian Boost will notice an improvement in their credit score. It comes down to what’s in your credit profile. Generally, consumers who benefit the most from Experian Boost have thin (or no) credit files or recently opened their first credit card or loan to start building credit. However, there are also instances where individuals with extensive credit history but a low credit rating also notice improvements in their scores.
How Does Experian Boost Help You Increase Your Credit Scores?
Experian Boost focuses on the most significant component of your credit score – payment history. It accounts for 35 percent, and adding on-time payments to your profile can help your credit score.
That’s where Experian Boost comes in. You can add positive payment history from eligible service providers to your Experian credit report, possibly increasing your FICO score provided by Experian. Experian Boost only links positive payment history, so any late payments won’t be reported through this service. That said, late payments could result in late fees from your providers, so aim to pay your providers on time.
While your Experian FICO score could improve, there’s still a downside. The other credit reporting agencies, Equifax and TransUnion, don’t recognize credit scores that factor in service provider payments, nor do some lenders and creditors.
Experian Free Credit Score
What Bills Qualify For Experian Boost?
When you sign up for Experian Boost, you can decide which service provider payments are included in your credit history. Let’s review what bills qualify for Experian Boost.
Mobile and Landline Phones
Mobile phones are prevalent amongst consumers, and some also have landlines in their homes. Luckily, payments for both qualify for inclusion in your credit profile using Experian Boost.
You can also get credit for monthly payments made to your internet service provider if you choose to when signing up for this free service.
Cable and Satellite
Do you use cable or satellite services as a source of entertainment in your home? The monthly payments can also help improve your credit score if they’re made on time.
Gas, Electric and Water
Don’t forget about gas and electric bills. Payments for both are also eligible for use with Experian Boost.
Did you have solar panels installed on your homes? If you opted to finance the installation instead of paying upfront, consider including the monthly payments with the list of accounts you use for Experian Boost.
If a company comes to your home to collect the trash, you’ll likely get a monthly or quarterly bill for the service. You can use it with Experian Boost if the bill is not included in your property taxes.
Other Utility Payments
If a type of utility payment hasn’t yet been mentioned, it could still work with Experian Boost. You can confirm if a particular service provider is eligible when you enroll.
Streaming Service Payments
You could get credit for eligible streaming service payments to providers like Netflix®, Disney+™, HBO™, HBO Max™ and Hulu™.
How Can You Sign Up For Experian Boost?
Experian Boost is available through the Experian CreditWorks℠ Basic membership. Here’s how to get started:
- Step 1: Download the Experian mobile app on your Android or iOS device or visit Experian Boost’s webpage.
- Step 2: Select the option to sign up for an Experian CreditWorks℠ Basic membership.
- Step 3: Enter your name, physical address and email address to create a free account.
- Step 4: Log in to your account and connect the account(s) that reflect monthly bill payments.
- Step 5: Choose the qualifying payments you’d like to use with Experian Boost from the list when prompted.
- Step 6: Watch your credit score improve in real-time (not everyone will see a change).
- Step 7: Use the service as long as you see fit and disconnect your accounts to unenroll at any time.
Once your account is established, you’ll also get access to a host of perks, including your Experian Credit Report and FICO Score with monthly updates and Experian credit monitoring and real-time alerts any time activity takes place in your account. Plus, you’ll receive a free dark web surveillance report, FICO score monitoring with Experian Data and potential credit card and loan offers that could be a good fit for you.