Experian Boost question for Experts

Focker69 · ‎10-12-2021

Just trying to confirm a few things.

What score versions of Fico actually recognize boost accounts?

Does the Mortgage Fico?

I've also heard of a situation where someone had Experian boost and they disputed a late payment account for an auto loan that was paid through the bank statement that they uploaded and Experian immediately denied their dispute request as it referenced the bank accounts to verify and validate that accounts payment history.

Do we realize that we are voluntarily giving Experian our information and data such as bank balances, spending behavior that I am would assume they are using to sell that data as that is their primary source of revenue? is Boost just a trick to Boost Experian's profits?

Would love to hear insights and thoughts on this.

Hoping to hit 700 soon!

Remedios · ‎10-12-2021

Boost is a free service provided by Experian, you aren't paying for it, and it's available without subscription to their monitoring so I'm not sure why you'd think it's a trick.

While CRAs do provide services to consumer that generate profit for them such as card "recommendations", Boost is an attempt to help those with no or minimal credit history.

With that said, score with "boost" is typically not pulled by lenders. Lender has a choice of score they want (as an example Bankard 2, 8 classic, or 8 classic with boost).

It won't affect your mortgage score at all, and it will have very little bearing on card apps because again, lenders are not using it, probably because it doesn't tell them anything on how you'd handle card/loan payment.

Focker69 · ‎10-12-2021

Understood, my argument is that the trick is that it doesn't help anyone who is looking for a mortgage and what it essentially does is give Experian access to more of your personal data (your bank statements) which they can in turn sell? That's the trick part.

Is there any financial transaction that someone can enter into that Experian Boost actually makes a tangible difference in the credit score? Auto loan? Credit card?

Hoping to hit 700 soon!

SoonerSoldier33 · ‎10-12-2021

I want to preface this by saying most of this is my personal opinion surrounding 1 fact. The fact is simple...lenders largely ignore the 'boosted' scores. End of facts. Lol. Opinion...Boost is a 'gimmick' promoted by Experian to give you the illusion of 'boosted' FICO scores (that are largely ignored by lenders) in exchange for access to your entire financial profile down to the transaction level. This information is then 'shared' in some capacity with their 3rd party partners. To me, this is an insane level of access to give to an institution (and possibly their 3rd party partners) on your own, personal financial picture in exchange for artificially 'boosted' scores that no lenders use anyway.