Experian Boost? Utilities account?

[Anonymous]

Hey all!

I'm wondering who has used this feature and if it worked? If so, how long before your cs went up?

For me, I pay the utilities on an autopay out of my joint account with my partner.  Will linking experian boost to my joint account (to show we pay our utilities on time), affect my partner's account or score at all (if partner not using experian boost)?

Thank you so much in advance!

[Slabenstein]

I haven't used it, but, from what I've read, I wouldn't recommend it.  It only applies to one bureau, lenders will often discount its contribution to your score, and the new trade lines it adds can trash your AAoA.  It shouldn't affect another person's credit file if you opt in; it would be a pretty terrible product if it did.

[Anonymous]

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@Slabenstein wrote:

I haven't used it, but, from what I've read, I wouldn't recommend it.  It only applies to one bureau, lenders will often discount its contribution to your score, and the new trade lines it adds can trash your AAoA.  It shouldn't affect another person's credit file if you opt in; it would be a pretty terrible product if it did.

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+1

It can also be factored into your DTI, which, generally, utilities are excluded, but EX boost they now would be.

While it may feel good to see a higher score, creditors need to subscribe to using it and I haven't heard of anyone stating that this boosted score has ever been used.

IMO it is a way to get more data from consumers with the promise of a higher credit score, but one that no one uses, and now creating a higher DTI (since it is now in fact listed on your CR) without creditors even considering the boosted score.

[vivekp01]

I think I gained 13 ish points on my Experian score immediately after boosting. This was with my Discover card from which I autopay my utilities (Cable, gas, cell phone). 

As for the joint account, this is what they use to verify: 

For security reasons, we need to verify that the bank account or credit card being connected belongs to the same person whose Experian credit file is being boosted. To do this, we compare the name and address on your account with the name and address on your Experian membership profile. So, if your bank or credit card account is in the name of a business, a trust or other financial conservator instead of your legal name, you'll need to update this information with your bank before you use Experian Boost.