Experian Boost ---- Thoughts

[Anonymous]

Same problem I experienced. The stupid app cannot find any accounts to add. Complete waste of their advertising dollars and my time.

[Stugotsv10]

they let you "show them" what hey missed but who knows what they will do with that info

[ridgebackpilot]

Experian Boost found two utility bills that I've been paying by auto ACH withdrawal from my checking account.

But my perfect record of bill paying didn't boost my score at all, probalby because I have a relatively thick file. So I withdrew my checking accounts from Experian Boost. It just didn't seem worth the exposure.

Boost probably will only be helpful to those with a relatively thin credit file. YMMV!

[Anonymous]

For those who are interested you should read the terms and agreement section in the footer of the Experian website. You can then ctrl+F the word "boost" to find all the sections relating to experian boost program. 

Basically as many of you suspect this is no different than other "data plays". They want to allow you for free to boost your score which to most people sounds like a no brainer. However as has already been stated this only affects Experian reports and there are much better ways to actually increase your score outlined in these forums. Whenever you are not charged for a product there is a good chance you are the product. That holds true here.

According to this one section they reserve the right to annonymize your data and do research which is code for they will sell your transaction history just like facebook sells your internet search history for using facebook. I highly recommend you do not sign up for this service. 

"Anonymous Data. In order to operate and improve the Experian Boost service (or other Services using Linked Accounts), and for other related research purposes, ECS and Experian may compile and anonymize data concerning your financial transactions. This complied, anonymized data may be used by ECS and Experian to conduct certain analytical research, performance tracking benchmarking, and analytics."

[SouthJamaica]

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@ForeverGardening wrote:

I called Experian this morning and the Robo Lady mentioned a new program called Experian Boost that will be rolling out in 2019.

A quick google search and I found this on their website. What's your thoughts??

"Through Boost, consumers can grant Experian permission to connect to their online bank accounts to identify utility and telecommunications payments. After a consumer verifies the data and confirms they want it added to their Experian credit file, an updated FICO® Score is delivered in real time. The whole process takes about five minutes, and the resulting credit score boost is immediate.

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. And 10% of consumers who previously had a "thin file" (not enough credit history) became scoreable after taking advantage of Experian Boost.

What's more, the risk predictiveness of "boosted" credit scores—that is, its ability to allow lenders to accurately assess risk—remained the same."

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I wouldn't touch it with a 10-foot pole.

The thought of giving some credit bureau access to my bank account is unimaginable to me.

[kxkxkxx]

I have to agree...this was a waste of time. I saw someone post that they got a 15pt boost, so I tried it. It did scan and find my utility, phone, and 1 other bill...but when it was done, my score did not move.

BS product.

[Anonymous]

how do lender now use Experian scores? It seems that Ex is diluting the value of the information they sell when we can make active changes to our scores.

[Brian_Earl_Spilner]

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@kxkxkxx wrote:

I have to agree...this was a waste of time. I saw someone post that they got a 15pt boost, so I tried it. It did scan and find my utility, phone, and 1 other bill...but when it was done, my score did not move.

BS product.

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It's not for everybody. It's designed for people with thin files, people who don't normally use credit, and people with good banking/saving but not so good credit habits

[CreditBob]

From my experience I can tell you the following on Experian Boost. My score went up instantly 11 points. So what ever the score is at the time the creditor pulls an Exoerian report, that is the score they will use including the boost. I talked to my credit union about that and that is what any lender will do. The only thing that I do not know is how much more the score will go up. And I do not know if account age will play a factor into a point increase.

[Jnbmom]

Is your file rather thin? It seems like most get a boost who have rather thin files.

My problem is I don't want Experian or any other reporting agency to have access to my personal banking, that is a huge deal with me and not worth a few points. But I know people do need a few points here and there. Its a shame they just can't boost your scores from just the actual utility company reporting, I am sure more would actually use that feature, but banking access , not a chance.