Experian Boost ---- Thoughts

[Anonymous]

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@vollmann wrote:

Experian has recently added a "Boost" tool that links to your bank account and searches for utility payments, which it then adds to your credit report. I got an instant 11 point boost (666 to 677 FICO 8) from it finding my last 17 payments to my local electric company. Sadly it does not report rent, but for five minutes of work this is the best return on my time for score increase I have found.

Hope this finds who needs it!

Its in Beta testing, so I am wondering if it works for a true report? I tried to do last week, didnt work on my bank account since its a business checking account and has my business name on it and experian said info didnt line up

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[Anonymous]

Well, I use CC to pay my Utilities. Not a Bank account, plus I don't think I that want my Bank accounts linked to this type of data sharing.

[Jnbmom]

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@Anonymous wrote:

Well, I use CC to pay my Utilities. Not a Bank account, plus I don't think I that want my Bank accounts linked to this type of data sharing.

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+1 Yes I also pay my utilities with a 3% back credit card, but my main reason is I would never give them my banking data ever.

[Anonymous]

as mentioned i pay my bills with credit card so that makes us null. id be curious to try it though if it let us pick our CC

[vollmann]

My utility company charges a pretty high % fee to pay by CC, so this adds a nice perk to my payments. I also only really use my bank account for CC payments, rent, and utilities so it doesn't really bother me them having access to that information. To each their own!

[Anonymous]

This only boosts FICO8 and only for Experian. I don't see the value. It won't be used for the stuff that really matters (i.e., mortgages) and I don't think I want Experian to have all this extra data about me just to get a better credit card. (And in my particular case I already have the credit cards I want.)

[vicky3vicky]

I signed up about an hour ago. My verizon account was the only one they could hook up with. My fico 8 experian immediately went up 7 points. If you are eligeble to have more than one account that will hook up, the increase could be higher. Since I am rebuiding, each one of those 7 points made a difference to me.

[Anonymous]

I still caution people about giving access to their bank account(s) with this.  Definitely to each their own.

[Jnbmom]

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@Anonymous wrote:

I still caution people about giving access to their bank account(s) with this.  Definitely to each their own.

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+1

Yes I so much agree, just thinking about a credit bureau having access to my bank account is very uneasy. 

Now if they worked it out with the actual utility /cell phone companies I could see, but no way in hell are they getting access to my bank account! !!!

[Anonymous]

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@Jnbmom wrote:

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@Anonymous wrote:

I still caution people about giving access to their bank account(s) with this.  Definitely to each their own.

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+1

Yes I so much agree, just thinking about a credit bureau having access to my bank account is very uneasy. 

Now if they worked it out with the actual utility /cell phone companies I could see, but no way in hell are they getting access to my bank account! !!! 

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100% how I feel. I would like the concept if they accessed your utilities. Even if I had toprovide the log in. It should work that way. It’s just software. The software doesn’t care if it needs to access each utility individually.

But Experian and their fintech partner (a 3rd party company that actually powers the backend) wants access to your bank account. They download your data and you agree that they can keep it for some indefinite amount of time and there is some vague language about any permissible purpose. So basically you give them blanket permission to decide how they use your data. Which could be selling it off at some point.

I think it’s deceptive that they say you can turn it off at anytime. I reads like well they will not have access to my bank account anymore. The first time you turn it on they download all available data. That’s why they are giving away this product “free”. They are going to make much more money off your data than they could charging a fee for this.

its free drinks at a casino.