topic Re: Boost by Experian in General Credit Topics

Boost by Experian

Anonymous — Fri, 28 Dec 2018 17:27:49 GMT

Good Day everyone,

I have read that Experian is implementing a new stragedy to aid in boosting the credit score of those that might have a good payment history but a thin file with them. It is to be implemented early 2019, anyone have any further information on how this will impact say someone like me, that pays alot of my bills through my checking account, has a thin file, and a Fico of 684 with experian. I signed up for the alert when the program begins and will link my accounts as they are recommending for the boost, just wondering if anyone had an estimate as to how much one is to anticipate a boost in score. Thx

Re: Boost by Experian

Anonymous — Fri, 28 Dec 2018 17:58:29 GMT

Where did you find out about the program? I have an Experian account and didn't get any emails about this and just googled and nada. Would love to participate as well. Thanks.

Re: Boost by Experian

Anonymous — Fri, 28 Dec 2018 18:03:44 GMT

Hi there, I have an experian account also and it allowed me to pre-register for the boost program. Try

experian.com/boost and log in...

Re: Boost by Experian

Revelate — Fri, 28 Dec 2018 19:51:55 GMT

Yeah looks like anyone can do it, the actual link:

https://www.experian.com/consumer-products/credit-score.html

Basically it's integrating the non-traditional data, I don't know how that factors into FICO 8 or anything else as I thought there were separate scoring options for that (a la FICO XD) but ultimately I know I don't want yet more data on my credit report personally, or it to factor into my score. There's enough to keep track off just on the known variables.

Re: Boost by Experian

Anonymous — Fri, 28 Dec 2018 23:15:38 GMT

Oh, I have seen this. Thanks. I am also not interested in giving up more data points. Interesting, nonetheless. Hope it works well for you OP.

Re: Boost by Experian

Anonymous — Wed, 06 Mar 2019 17:35:32 GMT

The invites for the beta have gone out for the Experian Credit boost program.

Re: Boost by Experian

Anonymous — Wed, 06 Mar 2019 18:17:02 GMT

Hi iOnestone, how is Experian deciding who gets an invite or not, I signed up months ago, and I am seeing posts of those that have received invites and I am a current Experian member...

Re: Boost by Experian

Anonymous — Wed, 06 Mar 2019 19:12:36 GMT

I honestly think it's just like any other beta, and they are rolling it out to different groups until they're full. So you'll likely get an invite in the next couple weeks

Re: Boost by Experian

Anonymous — Thu, 07 Mar 2019 03:08:10 GMT

I just switched plans from Experian CreditWorks Premium to Experian CreditWorks Plus at $14.99 monthly, but I've been seeing the Experian Boost Beta link for a while now. I just clicked it tonight and took a screenshot.

Is the Boost link showing up for everyone, or just for people with thin files like me? (2 cards, oldest account 1yr 3mos)

Re: Boost by Experian

ridgebackpilot — Thu, 07 Mar 2019 05:59:03 GMT

I tried Experian Boost and my score didn't change. They were able to import my payment history for two utilities: Gas/electric and water.

Experian says that even though my score didn't immediately see a boost, it helps to add two new payment accounts to my file. My file will be thicker with accounts that are paid on time, and that's bound to be helpful eventually...

Re: Boost by Experian

Revelate — Thu, 07 Mar 2019 08:05:04 GMT

@ridgebackpilot wrote:
I tried Experian Boost and my score didn't change. They were able to import my payment history for two utilities: Gas/electric and water.

Experian says that even though my score didn't immediately see a boost, it helps to add two new payment accounts to my file. My file will be thicker with accounts that are paid on time, and that's bound to be helpful eventually...

I don't see any good that comes from it for anyone with a thick file (read as 4+ tradelines already).

Giving lenders more information when they're using traditional FICO algorithms which currently all ignore those tradelines, seems like a losing proposition.

Even if everything is autopaid like clockwork for me as far as bills go, it's the same reason I don't sign up for Chase's credit journey or whatever it's called... you want to know more about me, you can go spend money Mr. Lender, I'm not giving it to you for free.

ETA: I don't have the Boost link on my Experian subscription.

Re: Boost by Experian

Anonymous — Tue, 26 Mar 2019 02:40:44 GMT

I tried Boost and it didn’t even find my ACH PG&E gas payments, that’s the only utility that comes directly from my bank account so it probably wouldn’t have made a difference.

Re: Boost by Experian

Anonymous — Tue, 26 Mar 2019 09:36:46 GMT

Experian sent me an email invitation to take advantage of the Experian Boost. Found that interesting as I have a thick file and max scores. For some it may be worthwhile. For me not so much (won't be giving Experian the info they requested). No sense making more info available for hackers (as if they don't have it already?).

Re: Boost by Experian

TaperRandy — Tue, 26 Mar 2019 14:24:20 GMT

When I first saw BOOST in my Experian app a few weeks ago, I dismissed it. Then I questioned my initial instinct and explored the process. I was curious as to whether my $250 a month Verizon bill going back 15 years, would in part be retroactive. Then I hit the proverbial wall. The process involves a mandate to link my bank account information. That’s when I bailed. Nay bones, Jones...on giving that info out just to prove I pay a cellphone bill.

Re: Boost by Experian

Revelate — Tue, 26 Mar 2019 15:41:34 GMT

@TaperRandy wrote:
When I first saw BOOST in my Experian app a few weeks ago, I dismissed it. Then I questioned my initial instinct and explored the process. I was curious as to whether my $250 a month Verizon bill going back 15 years, would in part be retroactive. Then I hit the proverbial wall. The process involves a mandate to link my bank account information. That’s when I bailed. Nay bones, Jones...on giving that info out just to prove I pay a cellphone bill.

To be fair I think the concept of cashflow underwriting is going to be more common in the years and decades to come to fill in the gaps where credit scoring breaks down; however, like you I have no interest in sharing more information with basically anyone except maybe some future spouse and even there it would be a quid pro quo arrangement.

Re: Boost by Experian

Anonymous — Tue, 26 Mar 2019 17:09:08 GMT

@Revelate wrote:
@TaperRandy wrote:
When I first saw BOOST in my Experian app a few weeks ago, I dismissed it. Then I questioned my initial instinct and explored the process. I was curious as to whether my $250 a month Verizon bill going back 15 years, would in part be retroactive. Then I hit the proverbial wall. The process involves a mandate to link my bank account information. That’s when I bailed. Nay bones, Jones...on giving that info out just to prove I pay a cellphone bill.
To be fair I think the concept of cashflow underwriting is going to be more common in the years and decades to come to fill in the gaps where credit scoring breaks down; however, like you I have no interest in sharing more information with basically anyone except maybe some future spouse and even there it would be a quid pro quo arrangement.

Agree with your post but note, if Early Warning Systems gets it, much of it is already out there. Sure would be good for a RANT!

Re: Boost by Experian

3se7ens — Tue, 26 Mar 2019 23:49:30 GMT

@ridgebackpilot wrote:
I tried Experian Boost and my score didn't change. They were able to import my payment history for two utilities: Gas/electric and water.

Experian says that even though my score didn't immediately see a boost, it helps to add two new payment accounts to my file. My file will be thicker with accounts that are paid on time, and that's bound to be helpful eventually...

Really?? I don’t know.... according to your sig you have 20 cc. That’s a pretty thick file. Boost probably won’t help you or I.

Re: Boost by Experian

Anonymous — Fri, 05 Apr 2019 22:54:25 GMT

I did the same thing. experian.com/boost. No Boost for me either.

I got credit for a utility bill. But since I pay my cell phone bill with a credit card every month they won't count that.

It analyzes everything in your checking account to see what bills you're paying and looks for bills to add that qualify as a boost.

It doesn't help to link a bank account with lots of money. It made no difference.

You can link several bank accounts if you pay bills from more than one checking or savings account.

Now Experian gets to see everything transacting your checking account. I suppose if your balance starts to run low, or you start to use payday loans, etc. they could signal credits you might be in financial trouble and they could cut or close your accounts. A thought.

Re: Boost by Experian

Anonymous — Sun, 28 Apr 2019 11:21:20 GMT

Is it true that Boost is only using payment history is based on using a credit card only and if you paid your bills with cash or debit card it doesn't count
Thank you in advance

Re: Boost by Experian

Revelate — Sun, 28 Apr 2019 19:18:18 GMT

Cash wouldn’t help.

Debit card comes off your checking account so that should be counted assuming you link that account.

ACH would be counted too, but I am not sure if I would use it regardless: if you have limited credit go build some more instead of giving Experian access to your bank accounts.