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Another Experian boost post

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Established Contributor

Another Experian boost post

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.

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 1 of 13
12 REPLIES 12
Super Contributor

Re: Another Experian boost post

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?

Message 2 of 13
Super Contributor

Re: Another Experian boost post


@BrutalBodyShots 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.


Total revolving limits 730000 (603500 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 3 of 13
Established Contributor

Re: Another Experian boost post

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.

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 4 of 13
New Contributor

Re: Another Experian boost post

In addition, wouldn't the utility bills be added to your DTI? Not that utility bills are very much at all but for some it could have a negative impact.
FICO8 Scores:
EX: 686 – 4/1/2019
TU: 708 – 4/1/2019
EQ: 712 – 4/1/2019



FICO9 Scores:
EX: 682 – 4/1/2019
TU: 710 – 4/1/2019
EQ: 729 – 4/1/2019


Message 5 of 13
Frequent Contributor

Re: Another Experian boost post

I just did the experian boost tonight. It does link to your bank account and is secure. I spoke with experian. You have the option of adding a cell phone bill or even an electric bill to your credit report to help with improving your "on time" payment history by adding another account to your report. No, it doesn't affect your missed payments, but it can boost your score.  Some people won't get a boost, others will. I happened to get a 4 point increase for having my last 12 cellphone payments on time.

 

I can always remove that feature but, of course, my score will drop to the original.

10/2019 Exp Fico 8 676, TU Fico 8 686, EQ Fico 8 692 . And climbing...

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Message 6 of 13
Frequent Contributor

Re: Another Experian boost post

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

08 ficos 9/2019 eq 685 tu 704 ex 677
Message 7 of 13
Regular Contributor

Re: Another Experian boost post

Last time i checked Boost only  allows debit card/bank accounts.  I use my credit cards to pay my bills so I can't sign up for boost if i wanted to.

 

I called Experian and they said their only allowing users to link debit cards for now, no mention of credit cards, this was this past Monday when i called

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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Message 8 of 13
Established Contributor

Re: Another Experian boost post


@gramps52 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?

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 9 of 13
Frequent Contributor

Re: Another Experian boost post

they went back 1 year on  my stuff 

08 ficos 9/2019 eq 685 tu 704 ex 677
Message 10 of 13
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