Well another EX boost thread. Since a CRA is going to make a change then it’s benefitting them in someway. We can surmise EX has more in mind than just helping a thin file.
what would they be able to determine? More than just when you keep the lights on. They also would know where you spend extra, what you spend and pay down CCs( can’t see that without boost). If you where borrowing from peter to pay Paul.
this type of info would allow for a better mathematical input into the risk equation. Smart on EXs part, not sure it’s in the interest of the consumer.
@Anonymous wrote:I'm not sure what exactly you mean or where you're going with your post. Can you elaborate a bit? It sounded from the thread title as if you were going to post about a profile change that resulted in a [EX] score gain, but there are no numbers or quantification. I'm not getting what a "CRA making a change" is here?
I don't know why OP's post is sitting there unattached to anything, but OP is referring to "Experian Boost", a new feature Experian offers to, supposedly, boost one's scores by adding one's utility bills to the report. You can read about it on experian.com. It seemed really odd to me, requiring linkage to one's bank account(s) and utility bills.
Sorry, I was not clear at all with this post. I did have a few beers before posting. Experian Boost is them connecting to your bank account to give you credit for paying utility bills on time.
What I see as interesting, is if you give them access, then yes you may be able to get a point boost( at least people with thin files). What they can also do is tell how much your balance is each month, how much of that available balance is used to pay bills and how late you take to pay them. They would also be able to see if you were using up to your CC limits over a month and them making multiple payments before statement cut( which is something they can't currently see). if someone does this then EX just got a whole lot more information about your spending habits. That could be good or bad for your credit risk score.
This could allow Experian to get a much better view of someone who may be getting overextended long before payments start getting missed. This should allow EX to access your risk to lenders better. They are selling this as a way to help people, but I personally see where it could be used for a lot more than just giving the consumer more payment history on accounts that would otherwise not get counted.
Hopefully, this is clearer now.
@Anonymous wrote:i just applied for it i only had 1 open account . they scan my bank used power company windstream,and metro pcs score went
from 557 poor to 584 fair 27 points ,so thats what happened to me plus 27 . ymmv
So did they pull payment information for multiple past payments or just the last month or so?