topic EX Boost Score Conflict with Utility Accounts in General Credit Topics

EX Boost Score Conflict with Utility Accounts

CreditBob — Tue, 28 Dec 2021 16:37:57 GMT

Hi everyone, this topic needs involvement from all the community members. I am sure that most of you are aware that the number of accounts with balances does play a factor in the FICO scoring system. I just looked at my report & it shows six accounts with balances. The three out of the six are Experian Boost trade lines that you make monthly payments shows as the balance. As a result one of the contributing factors is that, not six trade lines would lower my score is a little lower. Just like any other account it would be nice if the balance was at $ 0 and the payments made was shown in the payment amount category. I am also going to contact Experian to see if they would consider changing how their utility reporting program is reported. I wanted to write this topic so it gives all members a chance to think about it. As well as, make any ideas or suggestions that would work. For me I actually only have three accounts with balances.

Let me know what you think.. also, let me know if this was somewhere in the back of your head or thought prior.

Re: EX Boost Score Conflict with Utility Accounts

Remedios — Tue, 28 Dec 2021 16:46:53 GMT

@CreditBob I've edited your title for clarity since we aren't really talking about Fico scoring.

Boost is an EX feature, it's not baked in scoring algorithm, hence "conflict" you're describing.

In a nutshell, Boost is supposed to help those without revolving/installment accounts, however, most if not all major lenders will not pull Boosted score.

Re: EX Boost Score Conflict with Utility Accounts

OmarGB9 — Sun, 02 Jan 2022 16:26:13 GMT

IMO, I would just drop the boosted score. It's very invasive asking for access to your bank account and only artificially inflates your score, but sometimes, as in your case, it causes "conflicts" because it also increases number of accounts with balances. Plus, as Remedios said, most, if not all, lenders don't even consider the boosted score anyway.