In a Nutshell
pros
- Get rewarded for paying bills on time every month
- Free access to your Experian Credit Report
- The average FICO Score 8 boost is 12 points
cons
- 24/7 phone support not available
- Not all users will see their credit scores increase
A brilliant solution for:
- Anyone looking to increase their FICO® Score before applying for credit
- Customers who routinely pay their monthly bills on time
- Anyone with a thin credit history
How does it work?
If you’re not already an Experian user, the first step is to create an account and enter your personal information such as your name, date of birth, address, and Social Security number into the company’s website. This allows Experian to identify you and locate the details of your credit history.
To check if you’re eligible for a boost, you’ll need to connect your Experian account to the bank account you use to pay your monthly bills. If you do qualify for a boost, you’ll see the increase in your FICO® Score immediately. According to Experian’s data, those who qualify for a boost see their FICO Score increase by an average of 12 points. Be aware, not all customers experience an improvement in their credit scores.
Are there any other free services?
Once you sign up, you’ll also receive free access to your Experian credit report and FICO® Score, as well as the service’s monitoring and alerts. This information allows you to gauge how you may appear to a potential lender. Based on your credit scores, Experian will also suggest a list of credit cards or loans that might suit your circumstances.
What if I don’t have much credit history?
If you’ve never previously borrowed money, you may think you’ll automatically have high credit scores as you’ve never been in debt. However, your lack of borrowing history means lenders have no way of knowing whether you can be trusted to make your repayments on time.
Experian Boost recognizes other forms of responsible financial behavior, which can make it easier if you’re seeking to borrow for the first time. You don’t need to have an existing credit card to use the service.
How easy is it to use?
Not surprisingly for a company with Experian’s global reach, the website is sleek, easy-to-understand, and intuitive. We were impressed by its simple and accessible language when discussing potentially complex financial terms.
Its clean graphics allow you to see your credit score immediately and whether or not you’ve qualified for a boost. The service also allows you to see, at a glance, which credit bracket you fall into: poor, fair, good, very good, or excellent.
Like any service related to your credit history, Experian Boost requires you to provide some personal information so it’s worthwhile having these details at hand.
Pricing
Experian Boost is a free feature, which means you won’t pay a monthly or annual fee. You can, however, purchase additional Experian services If you’d like to receive a more comprehensive picture of your credit history.
The Experian CreditWorks℠ Premium package, for example, costs $24.99 per month following a free 7 day trial. As well as being able to see credit report information held by all 3 credit reporting agencies (Experian, Equifax and Transunion), you’ll have access to ID theft monitoring and prevention features and receive daily updates on your credit scores.
The company also offers a specialized identity theft service called Experian IdentityWorks℠, which is $19.99 per month following free 30 day trial.
Help & Support
Experian’s support team is available between 6am and 8pm on Mondays to Fridays and between 8am and 5pm over the weekend. If you have a dispute regarding your credit file, the first step is to raise the issue via the company’s website or by mail. Experian doesn’t respond to specific queries relating to an individual’s credit scores via email. If your query is more general, the website has an extensive range of guides and FAQs.
Bottom Line
This feature could be especially beneficial if you have a less-than-perfect history of making repayments on the money you owe such as your credit cards or loans, but regularly pay your household bills on time. The ability to boost your credit scores immediately is a major advantage as repairing your credit scores can otherwise take years.
Although not all customers receive a boost, you should remember the feature is free to use. At the very least, it’s worth signing up to check if you qualify for a boost or to perform a health check on your finances.
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