Experian Boost ---- Thoughts

[ForeverGardening]

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."

[Jnbmom]

No way in hell I am going to allow EXP access to my banking accounts!!!!!

[Anonymous]

Are you interested in this program for yourself?  If so, I'd forget it.  It is designed to help people with thin profiles (i.e. extremely few accounts) and secondarily people with extremely young profiles.  You by way of contrast have nine open cards, and quite possibly other accounts (either closed or installment) -- and your Age of Oldest Account is 9.3 years.

I would be slow to advise anyone to avail themselves of the EX Boost program, even those for whom it is designed, since it involves giving EX access to your bank accounts, and because whatever help it might give would apply only to EX.

[Anonymous]

PS.  There are much better ways for you (the OP) to boost your score.  Specifically the well known methods of:

(1)  Applying for no more cards for at least the next 25 months.

(2)  Getting or keeping your CC utilization to a very low amount (1-5%)

(3)  Working with the people in the rebuilding forum to get all derogs removed from your reports.

If you have no open loans, the Share Secured Loan Technique would be a great fit for you.  Navy Fed is a lender that works very well with that Technique.

[Anonymous]

Just another gimmick to make money. These rating agencies are proliferating all kinds credit gimmicks that use our own personal data to make money off us.

[EW800]

I would not touch this program.  And I agree with others, no way do I want Experian having access to my bank accounts.  :/

[tussking]

What is it? 

Experian Boost empowers Experian customers with the ability to immediately add non-traditional credit information, such as your utility and mobile phone bills, to your Experian credit file. Adding this record of your recurring payments for these accounts will build your positive payment history and your length of credit history. Over time, improving these two important aspects of your credit health can improve your FICO® Score 8 as well as other credit scores that consider this data. This information gives lenders a much better view of your overall creditworthiness so you can more easily qualify for credit.

How does it work?

After agreeing to let Experian have read-only access to your bank account payment history, you'll connect the bank account you use to pay your bills. By connecting Experian to your bank account, we can see a verified record of your electronic payments for your utility and telecom bills. With world-class encryption, Experian will look for at least three payments within six months and present the accounts found so you can verify the data and add it to your Experian credit file for an immediate boost. Experian can access up to 24 months of data to add to your credit file as determined by your bank. If you miss a payment, that negative data won’t be added to your credit file. If no data is reported for three months, then the account will automatically be removed from your credit file.

You have to give Experian access to your bank account via fincity.com 

Is this worth it? I feel very uneasy giving big brother even more access to my financials...

[Anonymous]

Nope.

[Civil]

I am not going to give anyone access to my bank...hard no for me

[vollmann]

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!