One potential con of using Boost: Since all lenders may not be familiar with it, they may see streaming, utility and cell phone payments on your credit report and consider it part of your debt load, which could affect your odds of qualifying for a loan or credit card.
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.
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.
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.
Yes, Experian Boost is safe to use. Boost only adds on-time payments to your credit report, so it cannot hurt your credit score.
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.
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.
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.
Some credit cards that use Experian only reportedly include Chase Sapphire Preferred and the Citi Premier Card, among others.
The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.
"The 609 loophole is a section of the Fair Credit Reporting Act that says that if something is incorrect on your credit report, you have the right to write a letter disputing it," said Robin Saks Frankel, a personal finance expert with Forbes Advisor.
A FICO® Score of 670 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 711, falls within the Good range.
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.
Best Overall AnnualCreditReport.com
The Consumer Financial Protection Bureau confirms that AnnualCreditReport.com is the official website that allows you to access each of your credit reports from all three of the major credit bureaus — Equifax, Experian, and TransUnion — at no cost.
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.
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.
Tools like Experian Boost, TransUnion's eCredable Lift, and FICO's UltraFICO Score promise easy and simple ways to get better credit scores.
How Much Does Experian Boost Cost? Experian Boost is completely free. Once you sign up, you'll automatically be enrolled in a free Experian CreditWorks℠ Basic membership, which offers additional services such as free credit monitoring and a free FICO® Score.
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.
Capital One uses any of the three major credit bureaus for credit card approval: Equifax, Experian or TransUnion.