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.
The short answer: Experian Boost works for some people. According to Griffin, about two out of three users see their FICO 8 scores increase (around 10 points on average). People who have fewer than five accounts on their credit reports may see a larger jump (closer to 19 points on average).
Should you use Experian Boost? There's no harm in trying Experian Boost. It's completely free, Experian will keep your data safe and you may get a nice credit score increase.
On average, users see a 10-plus-point increase in their FICO® Score 8, which is based on Experian data. Of course, results may vary based on your individual report, and it is possible that you may not see a change to your credit score at all.
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.
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.
The positive bill payment history can add points to certain credit scores, but people have to link their bank accounts so Boost can scan for those payments.
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.
And since Experian Boost doesn't affect your TransUnion or Equifax credit scores, the impact on your creditworthiness could be limited regardless.
Keep in mind, Experian Boost only considers positive payment history, so late payments on your added accounts will not negatively affect your credit scores. The length of your credit history is another important aspect of your credit scores.
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.
How Often Can You Check Your Credit Score? You can check your credit score as often as you want without hurting your credit, and it's a good idea to do so regularly. At the very minimum, it's a good idea to check before applying for credit, whether it's a home loan, auto loan, credit card or something else.
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.
You can add more than one checking account from more than one bank. You can also use a joint account, but you can't use a business checking account.
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.
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.
WalletHub, Financial Company
The most accurate credit scores are the latest versions of the FICO Score and VantageScore credit-scoring models: FICO Score 8 and VantageScore 3.0.
In other words, while your FICO Score 8 may have risen 13 points thanks to Experian Boost, your mortgage lender might pull FICO Score 2, which is commonly used in mortgage lending.
Some credit cards that use Experian only reportedly include Chase Sapphire Preferred and the Citi Premier Card, among others.
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.