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Experian Boost -Using utility bills to help score

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Established Contributor

Experian Boost -Using utility bills to help score

Hi FICO Community,

This may be old news but I logged into my Experian account and noticed a new feature (optional) called Boost which is in Beta testing. It allows you to use the positive pay history from your utility bills or other recurring bills that don’t typically get reported to the bureau to help boost your score. You allow it to integrate to your bank account of choice ( no credit card accounts allowed) and it will search for the payments it deemed acceptable and will let you know. You can turn it in or off anytime and choose whether or not Boost adds it to your profile.

Has anyone else heard of this? Has anyone tried it? I started the process last evening but a few of my local banks aren’t listed so they couldn’t find any results for me yet.

I think this could be a game changer!








Message 1 of 12
11 REPLIES 11
Established Contributor

Re: Experian Boost -Using utility bills to help score

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.

BECU | Apple | Discover | Key
Message 2 of 12
Established Contributor

Re: Experian Boost -Using utility bills to help score

All great points and insightful. That’s why we post on these forums. Glad now my banks aren’t listed.








Message 3 of 12
Established Member

Re: Experian Boost -Using utility bills to help score

I signed up last week and got a 15 point boost. I linked my bank account I use for paying bills. I didn't link it to my primary account. So far I think it's a added benefit.
Message 4 of 12
Community Leader
Senior Contributor

Re: Experian Boost -Using utility bills to help score

Nope nope and nope. Never will I allow access to my banking accounts, whether primary or not.

I believe sometimes we focus way too much On the scores (myself included)
EXP 753 TU 781 EQ 733
Message 5 of 12
Established Member

Re: Experian Boost -Using utility bills to help score

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.
Message 6 of 12
Established Contributor

Re: Experian Boost -Using utility bills to help score


@Cocoj 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?

I’m probably never finding that garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 7 of 12
Established Contributor

Re: Experian Boost -Using utility bills to help score

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.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 10/12/19:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 8 of 12
Established Contributor

Re: Experian Boost -Using utility bills to help score


@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 .











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Message 9 of 12
Regular Contributor

Re: Experian Boost -Using utility bills to help score

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

Credit rebuild journey started 4/2017: Exp: 558|EQ:533|TU:565
As of 12/2018: Exp:679|EQ:652|TU:680

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