topic Re: Experian Boost took score up 10 points in General Credit Topics

Experian Boost took score up 10 points

Anonymous — Sat, 13 Apr 2019 00:39:50 GMT

I connected my banking account and Experian found my cell phone bill. Score went up 10 points and I'm adding a lesser known internet provider to let it know I pay that as well (I think techs need to add more unusual utility providers manually). Worth it if you need to squeeze out a little more juice before an application!

Re: Experian Boost took score up 10 points

Chelow — Sat, 13 Apr 2019 00:59:18 GMT

Grats on the boost !!!

Re: Experian Boost took score up 10 points

pinkandgrey — Sat, 13 Apr 2019 01:00:59 GMT

Congrats! 10 “free” points is pretty decent

Re: Experian Boost took score up 10 points

Anonymous — Sat, 13 Apr 2019 01:02:47 GMT

@pinkandgrey wrote:
Congrats! 10 “free” points is pretty decent

Definitely nice to get the boost. I consider it to be secure given Experian already is already consulted by most banks anyway.

Obviously Experian is using this as a means to aquire subscriptions but it's a really nice thing to let internet/phone/utility bills count as lines of credit and through a scan of your account, it can see if you've been consistent with paying. Definitely helps if you have some baddies you've been trying to cancel out through extra payments.

Re: Experian Boost took score up 10 points

Anonymous — Sat, 13 Apr 2019 07:40:29 GMT

Congrats for 10 points boost OP!!!

But personally, I wont trust any institution link into my personal checking account, other than credit card company for payment. I would never do that.

Re: Experian Boost took score up 10 points

Anonymous — Sat, 13 Apr 2019 11:29:25 GMT

Imreally toying with doing this, but using a spare account I have that I send a few bucks a week into from my check. I may shift these eligible utilities to that account and give them access to it. They’d see nothing but cell/Internet/etc because no other transactions would be done there. Thinking that might mitigate some of the uneasiness of granting bank account access.

Re: Experian Boost took score up 10 points

Caardvark — Sat, 13 Apr 2019 14:36:09 GMT

I'd argue they are not doing it for subscriptions. They are doing it to get ahold of user's bank data. It's smoke and mirrors. The value is not in knowing that you pay utilities (they'd have little idea whether you pay late, or on-time by looking at bank account data). The value is in them knowing all your other spend and getting a much greater understanding of enrollee's income, cashflow, etc. Telling you it's to capture utilities is just a lure, at least in my opinion

@Anonymous wrote: Obviously Experian is using this as a means to aquire subscriptions but it's a really nice thing to let internet/phone/utility bills count as lines of credit and through a scan of your account, it can see if you've been consistent with paying. Definitely helps if you have some baddies you've been trying to cancel out through extra payments

Re: Experian Boost took score up 10 points

CreditInspired — Sun, 14 Apr 2019 11:53:00 GMT

@Anonymous wrote:
Congrats for 10 points boost OP!!!
But personally, I wont trust any institution link into my personal checking account, other than credit card company for payment. I would never do that.

I was thinking the same thing. I worry about Experian getting hacked and now one’s checking account info is viewable. I wonder what happens if/when you want to stop it. Do you lose the points you gained?

Maybe I’m just being a pessimist.

Re: Experian Boost took score up 10 points

CreditInspired — Sun, 14 Apr 2019 11:54:11 GMT

@Anonymous wrote:
Imreally toying with doing this, but using a spare account I have that I send a few bucks a week into from my check. I may shift these eligible utilities to that account and give them access to it. They’d see nothing but cell/Internet/etc because no other transactions would be done there. Thinking that might mitigate some of the uneasiness of granting bank account access.

Okay. I definitely like this idea. 😁

Re: Experian Boost took score up 10 points

CreditInspired — Sun, 14 Apr 2019 11:58:45 GMT

@Caardvark wrote:
I'd argue they are not doing it for subscriptions. They are doing it to get ahold of user's bank data. It's smoke and mirrors. The value is not in knowing that you pay utilities (they'd have little idea whether you pay late, or on-time by looking at bank account data). The value is in them knowing all your other spend and getting a much greater understanding of enrollee's income, cashflow, etc. Telling you it's to capture utilities is just a lure, at least in my opinion

@Anonymous wrote: Obviously Experian is using this as a means to aquire subscriptions but it's a really nice thing to let internet/phone/utility bills count as lines of credit and through a scan of your account, it can see if you've been consistent with paying. Definitely helps if you have some baddies you've been trying to cancel out through extra payments

That’s an excellent and insightful point @Caardvark. Thanks for sharing your perception and this is why I love this forum!

Re: Experian Boost took score up 10 points

Anonymous — Sun, 14 Apr 2019 12:00:41 GMT

The only downside to using the spare account is I would need to shift the bill paying and establish a history of it for several months from that account before it could be worth anything. That being said, I’ve seen it mentioned elsewhere on here that users who would benefit most would have young, thin files with multiple derogs. My AoOA is approaching 13 years and I have a dozen active TLs. I do have a couple old paid-off baddies that’ll drop off in the not too distant future so it could help in that respect, but I think for me the gains would be minimal.

Re: Experian Boost took score up 10 points

Anonymous — Tue, 16 Apr 2019 02:46:59 GMT

As I've said before on this subject, I would prefer that they get their data directly from the utility companies. There's nop need to access a person's Bank account for a measly 10 points. Having access to thatkind of info should net a person much more, closer to 30 points. IMO

Re: Experian Boost took score up 10 points

800FICOGoal — Thu, 18 Apr 2019 04:07:39 GMT

@CreditInspired wrote:
I wonder what happens if/when you want to stop it. Do you lose the points you gained?

I'm willing to bet that the points evaporate soon after you cancel Boost.

Re: Experian Boost took score up 10 points

CreditInspired — Thu, 18 Apr 2019 09:43:59 GMT

@800FICOGoal wrote:
@CreditInspired wrote:
I wonder what happens if/when you want to stop it. Do you lose the points you gained?
I'm willing to bet that the points evaporate soon after you cancel Boost.

I bet you’re right. 😁

Poof!

Re: Experian Boost took score up 10 points

Anonymous — Thu, 18 Apr 2019 13:46:34 GMT

Janus, you are correct on the lack of utilities reporting. As I have written prior, don't pay your cell bill and see how fast it reports you late on your CR. My gas/electric used to show up, but stopped a few years ago. I lost a few points when it stopped reporting. Your electric, gas, cell, cable/wifi/streaming channels are re-accuring billings. There is no reason they don't show up. How are they different than a car payment?

Re: Experian Boost took score up 10 points

AverageJoesCredit — Fri, 19 Apr 2019 14:38:49 GMT

Yup, to me, a couple points just isnt worth it to me. Experian has been hacked and these big companies will be continued to be hacked because lets face it, its big business for them to let hsppen because then they get more money to "fix" it etc. The worse thing is when something actually happens to your accounts, its nearly impossible to actually talk to a resl person at the Bureau's. Especially Experian. Eq has even worse customer service than anyone. Just my beyond average 2 penny's. ....wonder if Experian would give me a 2 point boost for this post?

Re: Experian Boost took score up 10 points

Caardvark — Fri, 19 Apr 2019 16:15:37 GMT

Sorry, AJC, no additional points for your post but Navy HP'd you just for opening your browser

Re: Experian Boost took score up 10 points

HighAchiever — Mon, 22 Apr 2019 00:47:46 GMT

Yes, unfortunately you do lose points when you unlink the added self-reported accounts (as it's labeled). But when testing this by unlinking, I immediately added the accounts back and received my points back. It does work, I received a 25 point boost to my Experian score!!!

Re: Experian Boost took score up 10 points

Croakmatic — Mon, 22 Apr 2019 04:44:37 GMT

Remember the first rule of internet TANSTAAFL:

If the product is free, YOU are the product somebody else is paying for. And CRAs are the penultimate pre-WWW inspiration for that business model.

That said, go ahead and Boost (I did). Why? Because they've already "got" you, may as well make it a more symbiotic rather than parastic relationship.