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In this Article: An Experian Boost Review. Find out how Experian Boost raises your credit score and why you need to use it today.
Is your credit score holding you back from reaching your financial goals, such as qualifying for or refinancing a loan? Are you trying to increase your credit score?
Fortunately, there is a new tool on the market that can help you raise your credit score for FREE.
Experian Boost is a FREE credit tool offered by Experian® (one of the three major credit bureaus) that helps consumers increase their credit score. As Experian touts, on average consumers increase their FICO® credit score by 13 points.
Powered by a credit bureau, Experian Boost has already helped thousands of Americans raise their credit score. This is a straightforward, quick, and easy way to boost your credit score. Keep reading our Experian Boost Review to find out more.
What is Experian Boost™?
Experian Boost is a free tool consumers can use to raise their credit score. Furthermore, this credit tool provides consumers access to their credit report and includes premier credit monitoring. Experian Boost is designed for those with little to no credit history or for those with poor credit.
However, anyone can use it and stands to benefit from Experian Boost. As we alluded to earlier, Experian Boost is offered by Experian, which is one of the three major credit bureaus in the United States.
Experian’s flagship product is their credit report, which includes a brief overview of all your credit accounts, credit history, and a calculated credit score.
Raise Your Credit Score for FREE with Experian Boost.
How Experian Boost Works
First things first, this tool is entirely free, so it doesn’t hurt to at least give it a try. Regardless of your credit situation, Experian Boost will help you build a positive credit history 😊. The philosophy behind Experian Boost is simple.
Once you grant Experian access to scan your bank accounts, it will identify on-time payments you made towards utility, Netflix, or phone bills. Once this positive payment history is gathered, Experian will get to work adjusting your credit score and credit report to include these previously made payments.
Eligible Experian Boost Payments:
- All Phone Bills
- Electricity Services
- Gas or Heating Services
- Cable and Internet Bill (WiFi)
- Trash and Recycling Services
It is important to note, that Experian Boost will not account for or include any missed or defaulted payments. This approach is what makes Experian Boost special and unique. It truly has your best interest and wants to see your credit score increase.
How to Sign Up for Experian Boost (Step-by-Step)
Signing up for Experian Boost is quick and easy. Follow our step-by-step guide to boost your credit score today.
- Head over to Experian.com
- Click “Start Your Boost”
- Enter Your Personal Information: Name, Address, Email, and create a Secure Password.
- Grant Experian Access to your bank accounts. This step is essential because this is how Experian will scan for previously made payments towards your utility or phone bills.
- Enjoy a nice little raise in your credit score.
That’s it! If you follow these five steps, then you will successfully create an Experian Boost account and potentially increase your credit score.
You can increase your credit score today with Experian Boost. It only takes a few minutes to sign up.
What Credit Scores Does Experian Boost Impact?
Fortunately, Experian Boost impacts credit scores that are primarily used by financial institutions, lenders, and employers. Here are the credit scores impacted by Experian Boost’s efforts:
- FICO 9
- FICO 8
- VantageScore 4
- VantageScore 3
The key takeaway here is that Experian Boost only impacts Experian credit scores. It does no good to credit scores generated by TransUnion or Equifax. However, 90% of the top lenders and financial institutions use/accept FICO® Credit Scores, so I wouldn’t worry about this.
Does Experian Boost Really Work?
Yes! To date, Experian Boost has boosted more than 34,000,000+ credit score points. If this isn’t enough, then below are the results of a study Experian conducted:
- Two out of three people saw their credit score improve
- The average consumer increased their credit score by 13 points
- 86% of users with a FICO® Score of 579 or below saw 21+ point increase
- 75% of users with a score lower than 680 saw their score increase
- 64% of users improved their credit score from “very poor” to “fair.”
Experian’s results do not lie. Experian Boost works and will continue to grow in popularity as more consumers discover the sheer power of this credit tool.
Experian Boost Review: Who Should Use Experian Boost?
While anyone can use and benefit from Experian Boost, not all consumers will see a significant increase. These consumers will benefit the most from Experian Boost:
- Consumers with a thin credit file: Those with little to no credit history stand to benefit the most from Experian Boost. Adding positive payments to your credit report will help you build your credit and increase your credit score.
- People Applying for a Credit Card or Loan: As you know, the higher your credit score is, the better. Even if you only increase your credit score by 5 or 10 points, you will save yourself hundreds (if not thousands) of dollars in the form of interest. Improving your credit score before you apply for a loan or credit card will only increase your chances of qualifying for a financial product with favorable terms, rewards, and perks.
- Consumers who want to improve their credit: Regardless of your current credit situation or credit score, we all could benefit from a lovely little credit boost. I recommend for everyone to at least sign-up and give Experian Boost a try. It is completely FREE, and you can cancel it at any time.
How to Maximize Your Experian Boost Results
To maximize the effects of Experian Boost, you need to make sure you have previous payments made towards a phone bill, utility bill, or Netflix subscription. This July, Experian added the Netflix feature to help the 73 million subscribers who use this specific streaming service.
Furthermore, you need to grant Experian access to your bank and savings accounts so they can effectively scan it for previously made payments. If you opt-out of this step, you will not get a credit score boost.
To scan your financial accounts, Experian employs Finicity, which is a venture-backed financial tech company to check old bank statements. Fret not, both companies use bank-level security (256-Bit SSL encryption) to protect your personal information and data.
Here is the deal, if you do not feel comfortable doing this or want to stop using Experian Boost, you can! From their mobile app or website, you can quickly turn Experian Boost on or off. So, only use it when you need to. You are in complete control!
Pros of Experian Boost:
- Quick and Easy Sign Up Process – Signing up for Experian Boost is quick and easy. Enter your personal information, let it scan your bank accounts, and enjoy an excellent credit score boost. For real, you can legit increase your credit score right now.
- Immediate Credit Score Increase – Experian Boost does not wait around; it gets right to work. Once you sign up, it will immediately scan your accounts and apply a credit score boost if it finds qualifying previous made payments.
- 256–Bit SSL Encryption – To protect your data and personal information, Experian Boost employs 256-bit SSL encryption which is bank-level security. They are taking the necessary precautions to avoid another Equifax data breach incident. Rest easy, your data is safe and secure with Experian.
- Complimentary Free Credit Monitoring – With Experian Boost, you can monitor your credit score instantaneously. Experian will send you an alert if your credit score increases or decreases. Other financial firms charge consumers for this service; however, Experian Boost members get it at no additional cost.
- Remove Experian Boost – Whether you are done using Experian Boost or not satisfied with it, you can close your account whenever. You are not bounded by some contract or payment. Since it is free, you are in complete control over the account.
Cons of Experian Boost:
- Not Guaranteed to Raise Your Credit Score – Even though millions of consumers are benefiting from Experian Boost, it is not a guaranteed way to increase your credit score. However, Experian is reporting positive results, and consumers are praising the free service.
- Only Increases Experian Credit Score – As you can imagine, Experian’s competitors – TransUnion and Equifax- will not make changes to your credit score. Experian Boost only increases your Experian Credit Score.
Alternatives to Experian Boost
Maybe Experian Boost isn’t for you. Check out these alternatives to Experian Boost.
UltraFICO is a free credit tool that reviews your cash accounts to recalculate your credit score. This feature will also help consumers with a thin credit file and those who are struggling to build up their credit. However, like Experian Boost, this service needs access to your financial accounts to successfully scan your cash accounts.
2. Credit Repair
Maybe you have negative items on your credit report. What about a missed payment? These are all negative variables that bring down your overall credit score. A credit repair company can help you remove these negative items and improve your credit.
3. Purchase a Tradeline
A credit tradeline allows you to ‘buy’ your way onto someone else’s credit. From their positive financial habits, such as paying off debt and making monthly payments, your credit will increase. However, this should be your last option if you are struggling to improve your credit score.
Experian Boost Review: Frequently Asked Questions
Is Experian Boost Safe to Use?
Yes, Experian Boost employs 256-bit SSL encryption which protects your data and personal information. Furthermore, Experian Boost will only add made payments onto your credit report. They will not include missed or defaulted payments. This means your credit score can only increase, not decrease.
What is the catch with Experian Boost?
There is no catch! With the average consumer increasing their credit score by 13 points, there is a lot to like about Experian Boost. If you are looking for a FREE way to improve your credit score, then this is your best bet.
Can Experian Boost Lower Your Credit Score?
No! Experian Boost can only increase your credit score. As it scans your bank accounts, it only adds made utility, phone, or Netflix payments.
It does not check for missed or defaulted payments, which means there is a zero percent chance Experian Boost will hurt your credit score. If for some reason it does lower your credit score, you can close your account. So, it will not have a long-term effect.
How Can I Boost my Credit Score Instantly?
This almost goes without saying. The best way to boost your credit score instantly is with Experian Boost. After you sign up, you will see an immediate credit score increase. Again, this is an entirely risk-free way to improve your credit.
Bottom Line: Experian Boost Review
Undeniably, your credit score is an important financial metric. This variable is used by lenders and financial institutions to determine if you qualify for a mortgage, loan, or credit card.
Above all, this metric determines the interest rate you pay. So, it is in your best interest to raise your credit score and to keep your credit file clean. If you are looking to build credit and raise your credit score, then Experian Boost is a safe bet.