In a Nutshell
- Get rewarded for paying bills on time every month
- Free access to your Experian credit report
- The average FICO Score 8 boost is 13 points
- 24/7 phone support not available
- Not all customers receive a boost
A brilliant solution for:
- Anyone looking to increase their FICO Score 8 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 input 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 score immediately. According to Experian’s data, those who qualify for a boost see their FICO Score 8 increase by an average of 13 points. Be aware, not all customers experience an improvement in their credit score.
Are there any other free services?
Once you sign up, you’ll also receive free access to your Experian credit report and FICO Score 8, 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 score, 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 a high credit score 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 makes 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 significant amounts of personal information so it’s worthwhile having these details at hand.
Experian Boost is a free service, 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 CreditWorks Premium package, for example, costs $24.99 per month following a week’s free trial. As well as being able to see the information held on you by all 3 credit referencing agencies (Experian, Equifax and Transunion), you can access details of your dormant accounts and receive daily updates on your credit score.
The company also offers a specialized identity theft service, which is $19.99 per month following a month’s free 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 score via email. If your query is more general, the website has an extensive range of guides and FAQs.
This service 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 score immediately is a major advantage as repairing your credit score can otherwise take years.
Although not all customers receive a boost, you should remember the service is free to use, while many credit repair agencies carry costly fees. 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.