Experian Boost impacts multiple
Yes, Experian Boost is safe to use. Boost only adds on-time payments to your credit report, so it cannot hurt your credit score.
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.
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.
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.
Experian Boost works by connecting to your bank account(s) to find qualifying on-time bill payments and, with your permission, adding those payments to your credit file. The process takes about five minutes, and you'll see any changes to your credit scores instantly.
Some credit cards that use Experian only reportedly include Chase Sapphire Preferred and the Citi Premier Card, among others.
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.
And since Experian Boost doesn't affect your TransUnion or Equifax credit scores, the impact on your creditworthiness could be limited regardless.
Bottom Line. Experian Boost is a well-intentioned feature. If you're someone who has a thin credit history who pays their phone or utility bill with a bank account, Experian Boost might be a good option to build up your FICO Score. However, with the average credit score increase of 13 points.
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.)
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.
About Experian Boost
For example, utility bills, phone payments, and even Netflix and other streaming subscriptions can all be added to your Experian credit file with Experian Boost. Good payment history on your credit accounts is created when you pay these obligations on time.
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.
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.
Although VantageScore credit scores have been around for about 15 years, the FICO Score is still the preferred choice of most lenders. In the U.S., lenders use FICO Scores in 90% of lending decisions.
This is due to a variety of factors, such as the many different credit score brands, score variations and score generations in commercial use at any given time. These factors are likely to yield different credit scores, even if your credit reports are identical across the three credit bureaus—which is also unusual.
Banks and Stores
Experian, TransUnion and Equifax are the three largest credit reporting agencies, and most major banks use them to come up with a combined FICO score. International financial organizations such as Barclays, HSBC, Morgan Stanley, MBNA and Nationwide are examples of those that rely on Experian.
Capital One uses any of the three major credit bureaus for credit card approval: Equifax, Experian or TransUnion.
Credit Karma touts that it will always be free to the consumers who use its website or mobile app. But how accurate is Credit Karma? In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.
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.
Dear CSM, You can pick which monthly service payments you would like to include in your credit history with Experian Boost. As you go through the sign-up process, you will be asked to confirm each account before it is added to your credit file.