Categories

Products

More Than 3 Million Americans Have Completed Experian Boost

It's been nearly two years since the launch of Experian Boost , and a lot has happened since the tool was released. Across the country, Experian Boost has helped more than 3.5 million consumers collectively grow their FICO® Scores by nearly 36.2 million points.

Experian Boost is a one-of-a-kind tool that allows users to increase their credit scores instantly, and for free, by allowing Experian to include their utility and telecom bill payment history in their credit report.

The innovative solution is helping consumers across the country improve their scores, with some even moving up into the next-highest credit score range—something that's giving more Americans access to new credit opportunities.

Does Experian Boost Work?

Since its launch, 61% of people who have completed the Experian Boost process have seen their FICO® Score go up, with consumers experiencing a 13-point increase on average. For Experian Boost users who started the process with a FICO® Score of 579 or below (considered "very poor"), the average increase was even more significant: 88% of that group grew their scores, and had an average increase of 22 points.

Among those who saw an increase with Experian Boost, many improved from one scoring range to the next—which could ultimately help them get approved for credit or a loan on better terms.

Of the consumers who saw a score range improvement, 21% moved from the very poor FICO® Score range to the fair FICO® Score range (580-669). Here is a look at users who moved up to a new FICO® Score range:

  • 21% improved from a very poor to fair FICO® Score
  • 4% improved from a fair to good FICO® Score (670-739)
  • 3% improved from a good to very good FICO® Score (740-799)
  • 3% improved from a very good to exceptional FICO® Score (800 and above)

Lenders use FICO® Scores to assess borrowers' potential risk in paying back a loan or credit card bill on time. Improved FICO® Scores can mean a better chance of approval or more attractive interest rates and terms. In this way, Experian Boost is helping lenders get a clearer picture of creditworthiness among potential borrowers.

"We have several clients who are on the cusp of getting approved for the loans and interest rates they need. With Experian Boost, they have the potential to be taken to the next credit scoring band and qualify for better terms and benefits," says Greg Gentek, senior vice president of sales for Spring EQ, a lender specializing in home equity solutions.

Experian Boost Has Helped Thousands of Consumers Become Scoreable

Experian Boost not only helps people raise their existing FICO® Scores, but for consumers who have no score, the tool can actually help them become "scoreable." A consumer who isn't scoreable doesn't have enough data in their credit history for credit scoring algorithms to assign them a score.

Of the "unscoreable" users who completed the Experian Boost process, almost half—47%—of them built their credit file enough to become scoreable. Many of these consumers entered the poor or fair credit score range, but 14% of newly scoreable users ended up in the good score range or better.

Experian Boost Helped 86% of Thin-File Consumers Raise Their Credit Scores

In addition to moving consumers to the scoreable status, Experian Boost also helped many users with "thin files" (less than five accounts in their credit file) increase their FICO® Score.

Many of the more than 100 million consumers who have a thin credit file can see a transformational change when they add new data to their credit report, as lenders often adopt tighter criteria when evaluating someone with a thin file.

Overall, 86% of thin-file consumers who used Experian Boost saw their FICO® Scores increase. And on average, consumers saw an increase of 19 points. Further, 15% of those users moved to a higher credit score range, and 42% shed their thin-file status.

State With the Largest Average Score Increase

Since Experian Boost launched, the state where consumers added the most points to their FICO® Scores using the tool is Arizona. Consumers in the state who saw a FICO® Score increase using Experian Boost improved their scores by 16.4 points on average. Iowa followed closely, along with Missouri, Alaska and Illinois, to make up the top five.

Top Average FICO® Score Point Increases by State
StateAverage Experian Boost Increase
Arizona16.4
Iowa16.2
Missouri15.7
Alaska15.4
Illinois15.3
New Mexico15.3
Georgia15.2
Vermont15.1
New York15.1
Oklahoma15.1

Source: Experian

State With the Most Points Added Overall

Consumers in Colorado have used Experian Boost to add more than 4.5 million points to their collective FICO® Scores since the service's launch—more points than any other state.

Colorado was followed by Georgia, Alabama, Nevada and Washington as the top five states where consumers added the most points to their FICO® Scores using Experian Boost.

Most Points Added With Experian Boost by State
StateNumber of Points Added
Colorado4,590,103
Georgia4,457,401
Alabama3,710,263
Nevada2,020,510
Washington1,538,107
Indiana1,405,349
South Dakota1,235,111
Oregon1,168,856
Florida1,147,593
Michigan1,031,708

Source: Experian

States With the Highest Percentage of Experian Boost Increases

Illinois was home to the highest percentage of scores boosted using Experian Boost. Of the users in the state who tried Experian Boost, 69% saw their FICO® Scores increase.

Top States Where Experian Boost Users Increased Their FICO® Scores
StatePercentages of Scores Boosted
Illinois69%
Arizona69%
Kansas68.9%
Alabama68.8%
Mississippi68.6%
Vermont68.5%
Connecticut68.5%
Oregon68.3%
Georgia68.2%
Pennsylvania68.1%

Source: Experian

Metro Area With the Largest Average Score Increase

Gainesville, Florida, was the metropolitan statistical area (MSA) where consumers saw the largest average point increase among those whose scores improved with Experian Boost: 19 points. The other top five MSAs with the highest average per-consumer increases were spread across the country, including Durham, North Carolina; Sebastian-Vero Beach, Florida; Lafayette, Indianna; and Austin-Round Rock, Texas.

Top Average FICO® Score Point Increases by Metro Area
Metro AreaAverage Experian Boost Increase
Gainesville, Florida19
Durham, North Carolina18.3
Sebastian-Vero Beach, Florida17.9
Lafayette, Indiana17.9
Austin-Round Rock, Texas17.6
Spartanburg, South Carolina17.6
Abilene, Texas17.4>/td>
Bellingham, Washington17.3
Scranton--Wilkes-Barre, Pennsylvania17.1
St. Cloud, Minnesota17.1

Source: Experian

Metro Area With the Most Points Added Overall

Looking at total FICO® Score points added, Michigan City-La Porte, Indiana (an area outside of Chicago) saw the biggest increase. Consumers there added over a million and a half points in the first year of Experian Boost.

Most Points Added With Experian Boost by Metro Area
Metro AreaNumber of Points Added
Michigan City-La Porte, Indiana1,555,006
Memphis, TN-AR-MS1,524,392
Billings, Montana1,186,939
Toledo, Ohio981,132
Port St. Lucie, Florida918,602
Rochester, Minnesota765,720
Salisbury, Maryland622,591
Barnstable Town, Massachusetts578,567
San Jose-Sunnyvale-Santa Clara, California572,843
Lawton, Oklahoma558,572

Source: Experian

Metro Area With the Highest Percentage of Experian Boost Increases

The New Orleans-Metairie-Kenner, Louisiana, metro area had the highest percentage of Experian Boost users who saw a score increase after connecting to the service. Of those in the metro area who used Experian Boost, 75% saw an increase in their FICO® Score.

Top Metro Areas Where Experian Boost Users Increased FICO® Scores
Metro AreaPercentages of Scores Boosted
New Orleans-Metairie-Kenner, Louisiana75%
Houma-Bayou Cane-Thibodaux, Louisiana74%
San Francisco-Oakland-Fremont, California73%
Manhattan, Kansas72%
Bakersfield, California72%
Lafayette, Louisiana72%
Grand Rapids-Wyoming, Michigan72%
Greensboro-High Point, North Carolina72%
Farmington, New Mexico71%
Lakeland, Florida71%

Source: Experian

Experian Boost Continues to Improve Credit Access

Since Experian Boost launched, it continues to improve, adding more and more financial institutions to the platform. Experian Boost can add phone, utility, telecom and streaming service payments made with a credit card, expanding opportunities to thicken credit files. These improvements, among others, make it easier for more people to connect their accounts and ultimately get credit for the payments they are already making.

If you've been working to improve your credit scores and want to get credit for the utility and telecom payments you're already making, check out Experian Boost to see if you can increase your FICO® Score.