Last Updated: September 17, 2021
You’ve probably seen some of the overwhelmingly positive reviews and are now wondering how does Experian Boost work?
The tool has so far reported extreme success with 86% of its users. This has raised interest in the service and left many people wanting to try it for themselves. If looking how to build your credit, what is Experian boost, and how does it work, keep on reading.
What is Experian Boost?
Experian Boost is the credit bureau’s trademark service meant to help people who need an instant credit score increase.
Your on-time payments account for 35% of your total credit score, which is the biggest part.
The Boost program allows you to add additional timely payments to your Experian credit report by linking the bank account you use to pay bills with your Experian account. Once they’re connected, you can select which payments to go toward your positive credit history. The process is that simple. The tool also won’t add any negative items to your file, which means that it can’t damage your score.
Experian’s booster impacts several credit scoring models, including FICO and VantageScore. With over 90% of top lenders using the FICO Score 8 based on Experian data, this could come in handy for any future loans you might want to take out.
So far, the response to the service is immense. In their Experian Boost reviews, users say they have witnessed an instant credit score increase by 19 points on average.
How Does Experian Boost Work?
Now that you know what is Experian Boost, let’s explain how the service works.
Firstly, you need to sign up for a free Experian account to navigate the Boost page. From here, the system will prompt you to connect it to your bank account. Naturally, some people feel uneasy about third-party access. But as Experian explains, all user information and money are completely safe. The company can only read your bank statements, and the data is backed by 256-bit encryption. Experian doesn’t have any access to your funds, and it can’t make changes to the account.
After clearing up the safety matter, let’s give a detailed answer to the question: how does Experian Boost work?
Once the connection is made, the service scans transactions in your bank account for timely utility payments. It needs three months of on-time payments within a six-month window.
There is a wide range of utilities that Experian can use for your credit boost. Some eligible bills include:
- mobile and landline phones
- cable and satellite
- internet bills
- gas, water, and trash bills
- electric, solar, and power bills
- streaming services: Netflix, HBO, Hulu, Disney+ and Spotify, etc.
And what does Experian Boost do once the scan is finished? The system will then show you the pulled bills and their payment dates. This report will go toward your positive credit history. The tool won’t add any negative items, and you can also exclude any payments you wish.
Bear in mind that only your Experian credit score will be affected. The company itself points out that what’s in your files at the other two national credit bureaus (Equifax and TransUnion) won’t reflect the positive change.
How Much Does Experian Boost Cost?
Now that we have answered how does Experian Boost work, let’s move on to the cost.
Experian Boost is completely free. It’s available to all users who have the Experian CreditWorks Basic package. The plan involves no charges and includes other services like a free Experian credit report every month, a new account, and further inquiry monitoring.
If you change your mind about it at any point, you can always cancel your Experian membership by calling the company’s customer service and following their instructions.
The phone line is active Monday-Friday from 7 a.m. to 7 p.m. CST. Alternatively, you can also cancel the membership by sending an email. Experian’s customer service is known to be very fast and helpful. This makes it easy to cancel Experian services. When deactivating your account, be prepared to answer some questions and provide certain information, such as the service’s termination date.
Bottom Line: Is Experian Boost Worth It?
If you are still wondering, does Experian Boost really work? The short answer is yes. It does, especially for users whose utility bills come straight out of their bank account.
The best way to build credit will always be to spend responsibly, pay bills on time, and maintain a reasonable credit utilization ratio. Still, if you’re looking for a quick credit score boost, this is a sure way to increase your Experian FICO score.
The service is not perfect, though. Let’s take a look at a few examples where the Experian Boost program won’t affect your credit score:
- Most of us share streaming services. I share my Netflix account with my roommates. My Spotify is a family account used by five other people. None of those expenses come out of my bank account. Although paid on time, these bills won’t qualify me for an Experian FICO boost.
- If you already pay all your utilities on time every month, this comes up in your credit report by Experian. Adding a few bills won’t make much difference.
- Rent payments can’t be part of the report. If this is the only bill that comes out directly from your bank account, it won’t be enough to boost your credit score.
With all of this in mind, it’s important to note the other benefits of signing up. Since the service can’t harm your score, if you decide to try the credit booster there is nothing to lose. By joining the program, you get a free credit report by Experian every month. So you can easily see the effects and whether it makes a difference for you.
In the end, if you’re not satisfied with Experian Boost or you’ve already exploited the service but need a further credit score boost, you can turn to credit repair companies. They can check your report for any inaccurate negative items and try to remove them.
Yes. Experian Boost is a tool developed by a reliable credit reporting agency. The service offers a fully legal way to raise your credit score instantly.
Yes. Experian Boost is 100% safe. Many people are concerned about sharing their banking information with a third party. But as mentioned in our Experian Boost review, the company has read-only access to your credentials — enough to confirm payments but not enough to make any changes.
Your information is further secured by 256-bit encryption and a limited-access system. You can be sure that your data won’t be altered in any way or leaked to hackers. Experian also doesn’t have access to the funds in your account.
There are two easy ways to cancel your Experian membership. You can do it by calling the customer service team or by writing an email.
Yes. Experian Boost is free. There is no Experian Boost premium account, no hidden or cancelation fees. So, if you just want to check out how does Experian Boost work exactly, you can do it without worrying you’ll be charged.