Even if it doesn't help you, however, Experian Boost will not hurt your credit score. For one thing, Experian Boost looks at your banking data, not your credit history. This means there is no credit inquiry. Plus, Experian Boost only includes on-time payments, which add positive payment history.
Downsides of Experian Boost™
Your credit history already includes the payment history from your credit card payments (which are reported by the card issuer). Adding a few more on-time payments is unlikely to have a large impact on your credit scores.
Does Experian Boost Work? Since its launch, 60% of people who have completed the Experian Boost process have seen their FICO® Score go up, with consumers experiencing a 12-point increase on average.
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.
Using Boost lets your streaming, phone and utility payments "count" toward your Experian credit score. Boost scans your bank transactions for the payments, and reports only positive payment info. You must give enough personal data for Experian to access your accounts. Only Experian credit scores will be affected.
Our Verdict: Credit Karma has better credit monitoring and more features, but Experian actually gives you your “real” credit score. Plus it offers the wonderful Experian Boost tool. Since they're both free, it's worth it to get both of them.
Of the 1.3 million Americans who have used Experian Boost since it launched at the end of 2018, 61% of them saw an improvement in their FICO scores, according to Experian data (though 39% saw no change). Consumers who used Experian Boost experienced a 13-point increase on average.
Unlike credit repair companies, Experian Boost is completely free and can increase your credit scores fast. Credit repair may cost you thousands of dollars and only help fix inaccuracies, which you can do yourself for free.
Experian Boost may pull positive payment data as far back as 24 months. Any late payments on linked accounts won't be reported through this feature. (However, you should still pay outstanding bills quickly to avoid late fees.)
Is Experian Accurate? Credit scores from the credit bureaus are only as accurate as the information provided to the bureau. Check your credit report to ensure all the information is correct. If it is, your Experian credit scores are accurate.
And since Experian Boost doesn't affect your TransUnion or Equifax credit scores, the impact on your creditworthiness could be limited regardless.
Experian is trusted by millions of consumers and businesses and is safe to use. Their free and premium services are readily available but with several layers of protection to shield your information from fraudsters.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Starting today, July 27, consumers can now include their Netflix® on-time payment history on their *Experian Boost™ accounts, which can help improve their credit scores.
Credit Karma is different from Experian. While Experian compiles your credit report and determines your credit score, Credit Karma simply shows you credit scores and report information from Equifax and TransUnion.
Consequently, when lenders check your FICO credit score, whether based on credit report data from Equifax, Experian, or TransUnion, they will likely use the FICO 8 scoring model. FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score.
If you're keeping track of your score through apps like Mint or Credit Karma, you may not see your boost. Mint reports your TransUnion VantageScore™ and Credit Karma reports both your TransUnion and Equifax scores based on VantageScore 3.0.
Some credit cards that use Experian only reportedly include Chase Sapphire Preferred and the Citi Premier Card, among others.
Credit scores help lenders evaluate whether they want to do business with you. The FICO® Score☉ , which is the most widely used scoring model, falls in a range that goes up to 850. The lowest credit score in this range is 300. But the reality is that almost nobody has a score that low.