What Is Experian Boost and How Does It Work?

What Is Experian Boost and How Does It Work? article image.

A good credit score is often the gatekeeper to better financial opportunities. Unfortunately, more than 100 million Americans don't have access to credit today, either because their credit scores are too low or because they don't have enough credit history.

These consumers, if they have some credit, may be paying their existing credit accounts on time, but improving credit scores can take a long time. And while they may be making their utility, phone, and cable TV bill payments on time each month, this responsible behavior isn't acknowledged or rewarded in their credit files.

Now, thanks to an innovative new solution called Experian Boost , millions of consumers can get the credit they deserve using payment history from their utility and phone bills to build their credit history and improve their credit scores instantly.

What Is Experian Boost?

Experian Boost enables consumers who have been making utility and telecom bill payments on time to factor those payments into their Experian credit file and, for most, instantly improve their credit scores. Using the tool is free—it's a benefit included in a free Experian membership, which also includes an Experian credit report and FICO® Score .

How Does Experian Boost Work?

The process starts by signing up for a free Experian membership. Then consumers give read-only permission for Experian to securely connect to their online bank accounts used to pay their utility and telecom bills. Experian will identify these payments, ask for verification that all the accounts are accurate, then add the accounts to their Experian credit file. The whole process takes about five minutes.

Is the Credit Score Increase Immediate?

Yes! After these accounts have been added to a consumer's Experian credit file, a new "boosted" FICO® Score will be calculated and, just like that, a consumer may have a higher credit score. Higher scores may make them eligible for credit they could not get before.

Who Will Experian Boost Benefit?

One of the most exciting things about Experian Boost is that it's a free tool designed to help those consumers who struggle most with building credit. According to Experian research, 75% of consumers with FICO® Scores below 680 saw an improvement in their credit scores with Experian Boost.

How Can a Good Credit Score Help You?

The list is long, but here are a few important ways a good credit score can help you:

  • You have a much better chance of getting approved for credit cards and loans.
  • You'll likely get better credit terms, such as lower interest rates and fees.
  • You can typically get approved for higher credit limits.
  • You will have more opportunity to open utility or mobile phone accounts without a security deposit.

Is Experian Boost Available Now?

Yes! You can visit www.experian.com/boost to learn more, or sign up today to experience this revolutionary new way to immediately improve your FICO® Score.

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To submit a dispute online visit Experian's Dispute Center. If you have a current copy of your personal credit report, simply enter the report number where indicated, and follow the instructions provided. If you do not have a current personal report, Experian will provide a free copy when you submit the information requested. Additionally, you may obtain a free copy of your report once a week through April 2022 at AnnualCreditReport.