Ted Rossman, senior industry analyst at Bankrate, notes that Boost won't help your TransUnion or Equifax credit scores. And because the tool only works with newer versions of the FICO algorithm (specifically FICO Score 8), it won't help you get a home loan, as mortgage lenders typically rely on older FICO score models.
Only positive payments are added, so missed or late payments on these accounts won't affect your score through Boost — though TransUnion's program does report negative information in addition to positive.
An Equifax boost can improve your chances of getting a better deal on a mortgage or auto loan.
Paying bills on time and paying down balances on your credit cards are the most powerful steps you can take to raise your credit. Issuers report your payment behavior to the credit bureaus every 30 days, so positive steps can help your credit quickly.
TransUnion: The Bottom Line. While both TransUnion and Experian have some similarities, Experian offers a more robust suite of consumer services. It also reveals your FICO Score 8—the score most lenders use—which can give you a better idea of what lenders see than the VantageScore that TransUnion provides.
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.
Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
Unlike credit repair companies, Experian Boost is completely free and can increase your credit scores fast.
TransUnion uses most of the same personal information that Equifax does in scoring your credit; however, TransUnion may find certain aspects of your credit history more important than Equifax does. For example, TransUnion credit reports feature a more extensive employment history section.
In short—yes, Experian Boost is safe. Experian utilizes read-only access to your bank statement data to find your qualifying payments made to telecom and utility companies. This process is secure, and Experian does not store any consumer bank credentials—it only stores a record of any qualifying on-time payments.
The credit bureaus may have different information.
And a lender may report updates to different bureaus at different times. So, it's possible that Equifax and TransUnion could have different credit information on your reports, which could lead to your TransUnion score differing from your Equifax score.
Since launching in early 2019, Experian Boost has helped millions of people instantly increase their credit scores. For the first time, Experian Boost allows you to improve your credit scores and build credit history using utility, telecom and Netflix® bills you pay every month.
If your credit score is a 651 or higher, and you meet other requirements, you should not have any problem getting a mortgage. ... The types of programs that are available to borrowers with a 651 credit score are: conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and non-prime loans.
It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
Experian Boost also isn't permanent. If you decide it isn't for you, you can remove your data via Boost at any time. It's important to note, however, that the credit score calculated through Experian Boost is based off the FICO Score 8 model and works with FICO 9, VantageScore 3 and VantageScore 4.
If you are creating a reliable credit history, Experian Boost is not for you because it works for people who already have a suitable credit file. It merely helps your Experian score. It won't help your scores at the other major credit bureaus, such as TransUnion or Equifax.
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.
Experian Boost is free and lets you get credit for on-time utility, telecom and Netflix® payments. Here's how to sign up and potentially boost your credit score. If you're trying to raise your credit score, paying your credit card bills on time and lowering your balances are two positive actions you can take.
Understanding credit score ranges
A good score with TransUnion and VantageScore® 3.0 is between 720 and 780. As your score climbs through and above this range, you can benefit from the increased freedom and flexibility healthy credit brings. Some people want to achieve a score of 850, the highest credit score possible.
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)