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When I signed up for credit monitoring with EX back in November I opted in for Experian Boost as well as their personal finance tool. I have found the personal finance tool to be pretty decent and helpful for getting a rough snapshot of my monthly CC spend. It isn't the best, but it is free and make pretty graphs.
I initially decided to remove the boost as I had read a post on here indicating that the accounts reported would essentially alwasy show as 100% utilization. I am at a point where I don't need the padding of extra positive payment history and wouldn't be significantly affected if my score were to drop with the removal. Experian Boost always said it found 5 accounts and was boosting my score, but never indicated how much that "boost" was. I found it interesting that a new credit report and scores were generated with each account removal, I was guessing I wouldn't see the impact of removing the boost until tomorrow.
The results: basically nothing changed F8, Auto 8, Bankcard 8, F2, Auto 2, and Bankcard 2 did not change at all. F3 changed and actually showed an increase by REMOVING Experian Boost; my F3 this morning was 693 after removing the "boost" it is 705. So, gained 12 points on a model that is not used by any financial institution I plan on doing business with in the near future, but I'll take any points where I can get them.
With a thick and mature file I don't see Experian Boost to be something that would actually provide a score boost. I may add account backs in the future just to see if there are any changes noticed by that. If I ever keep a vehicle long enough to have the utilization of my installment loans to be paid down to <9%, I would be curious to see if adding a boost would keep me from earning the low installment balance points.
There are many lenders who automatically remove boost scores for consideration, only using qualified accounts reporting.
Boost is a tool that provides more personal info for Experian benefit. A fuller identifier of a person. Income, shopping habits, spend, etc.
I think FICO 9 mignt be impacted - maybe for rent payments only.
unfortunately, Experian monitoring does not offer FICO 9, so no way to be sure about this
@Anonymous boost only helps your 'boosted' score, which very few lenders that I'm aware of use. So it's basically a marketing tool to get you to give more information to increase a score that almost nobody uses. Actually is anyone aware of any lenders that actually use a boosted score?
9 includes rental payments but that has nothing to do with boost I don't believe.
Maybe it's just me, but last year when I first looked into Experian Boost my "Spider Sense" said, "Scam to mine personal data from me". I have yet to seen anything which improves upon that impression or otherwise suggests falling for such a ploy is in anyway beneficial for an individual.
Chapter 13:
I categorically refuse to do AZEO!
@Anonymous wrote:@Anonymous boost only helps your 'boosted' score, which very few lenders that I'm aware of use. So it's basically a marketing tool to get you to give more information to increase a score that almost nobody uses. Actually is anyone aware of any lenders that actually use a boosted score?
9 includes rental payments but that has nothing to do with boost I don't believe.
That is interesting. So if one were to sign up for boost are the scores that are displayed in the Experian app the boosted scores? So there could potentially be a discrepancy between that score and what a lender pulls?
@Anonymous wrote:
@Anonymous wrote:@Anonymous boost only helps your 'boosted' score, which very few lenders that I'm aware of use. So it's basically a marketing tool to get you to give more information to increase a score that almost nobody uses. Actually is anyone aware of any lenders that actually use a boosted score?
9 includes rental payments but that has nothing to do with boost I don't believe.
That is interesting. So if one were to sign up for boost are the scores that are displayed in the Experian app the boosted scores? So there could potentially be a discrepancy between that score and what a lender pulls?
@Anonymous I don't know how it appears because I've never done it, but yes it's another version, so there can be a discrepancy if that's not the version they pull.
Experian Boost didn't help my 738 score except for 1 point to 739. I was trying to obtain a "Very Good" rating vs a "Good" rating; so I removed the EB and my score dropped back to 738.
I look at it's purpose as twofold - one, for someone with no open accounts, it can help generate some type of score and potentially help in getting some initial approvals; and two (likely more the real reason), data mining for sale to interested parties, and to target more offers in the hopes that one will apply for them, both of which earn money for Experian.