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I’m curious why you think it’s a good idea for a data collection company to have access to your bank accounts?
Read the fine print. They download your banking data to search for the payments. ALL OF YOUR BANKING DATA. Once they have it, the law always them to keep it for an indefinite amount of time even if you turn it off. They also have the right to use your data however they like because you have them permission to do so.
As for usefulness, there is nothing they can do for your score that 3 credit cards, and loan cannot do, scoring wise. It might be useful for people who can’t get credit cards but a secure card will have the same impact on your score without the invasion of privacy.
@Anonymous wrote:
I definitely understand that, I am the same way about my bank account. I only transfer a few dollars more than the Bill's I'm paying for the account that I linked. One thing I did find out is that you can make multiple small payments to increase your payment history. Example given- when I first signed up I paid my Verizon bill in 3 separate transactions just to see if it would count those as multiple payments and it did.
What kind of bills do they have to be? Do they have to be utility bills?
This is for people with thin files and it may be worth a few points. Of course there are negatives too. The CRA also can see all your spending habits which could be used later against you.
@dynamicvb wrote:This is for people with thin files and it may be worth a few points. Of course there are negatives too. The CRA also can see all your spending habits which could be used later against you.
Exactly why I'll never sign up for Boost or any similiar program .
I was debating on this, only problems are:
A) I don't use my bank accounts to pay utillity bills, i use my credit cards.
B) I don't want Experian having access to my bank accounts
C) Credit cards arent listed so therefore I can't use Experian Boost