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Experian Boost

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Senior Contributor

Experian Boost

Forgive me if this has already been posted but does anyone know more information surrounding this product? The website claims to "increase your FICO score instantly" by using utility payment information. Sounds like FICO Ultra. The website allows you to sign up for free. Is this something I want to opt-in for?

 

https://www.experian.com/consumer-products/credit-score.html

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



9 REPLIES 9
Valued Contributor

Re: Experian Boost

That was my first thought, however, FICO ultra monitors your bank accounts. This is the first I have seen using your utilities other than PRBC which has been doing this for years.



















Your FICO credit scores are not just numbers, it’s a skill.

Message 2 of 10
Established Contributor

Re: Experian Boost

I just signed up - lets see what goes down or hopefully doesn't! Smiley LOL

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 3 of 10
Valued Contributor

Re: Experian Boost

According to the email Experian sent me:

Untitled2.png

With the bank account requirements (paying from them, having the log in information), it's starting to look more like FICO Ultra.

 

03 Oct 2019


Garden goal: keep on keepin' on
Usually a faithful practitioner of AZE5or6or7; working on AZE1or2 and grumbling about it.
Message 4 of 10
Super Contributor

Re: Experian Boost

Sounds like a gimmick to me.  Works by using utility bills that you're already paying?  I don't get that.  Credit scores are based on report data.  That would suggest that this product somehow impacts report data... but Experian is just a CRA; creditors choose whether or not they report to EX or not.  I don't see how EX can impact the reporting of a utility company or whatever. 

 

"Results may vary. Some may not see improved scores or approval odds. "

 

I think their CYA statement above would be the case for most.

Message 5 of 10
Frequent Contributor

Re: Experian Boost


@19eighty5 wrote:

Forgive me if this has already been posted but does anyone know more information surrounding this product? The website claims to "increase your FICO score instantly" by using utility payment information. Sounds like FICO Ultra. The website allows you to sign up for free. Is this something I want to opt-in for?

 

https://www.experian.com/consumer-products/credit-score.html


It only works with EX, if your utilities use EQ or TU, it won’t give you a boost. Also, it’s a third party that will pull the info for EX... No Thanks!! What could possibly go wrong?? I just don’t trust anymore with Equifax and Marriott more recently.

Message 6 of 10
Established Member

Re: Experian Boost

I honestly like the idea, I think it's a pretty good feature IMO, the fact that our phone payments will be recorded on our credit report shows that we are also responsible for our bills, as maintaining our credit cards...

Cards I have now: Oldest to Newest

BofA Platinum Plus: (2008)(oldest)
BofA Cash Rewards
Chase Freedom Unlimited
Discover It
AMEX Everyday Preferred(Upgraded from Everyday)
AMEX BCE Preferred(Upgraded from BCE)

Cards planning on applying
Citibank Double Cash
Citibank Rewards
Chase Freedom
AMEX Gold
AMEX Platinum

EXP: 790 EQX: 720 TRNSUN: 717
Message 7 of 10
Community Leader
Mega Contributor

Re: Experian Boost


@Stormchaser08 wrote:

I honestly like the idea, I think it's a pretty good feature IMO, the fact that our phone payments will be recorded on our credit report shows that we are also responsible for our bills, as maintaining our credit cards...


 

In order for it to count, you have to pay your bills from the checking account. 

If you already have reward credit cards, why would you give up those rewards if you're already showing responsible payment habits by paying them? 

 

This may help those with no credit history, for everyone else, it's just another intrusive behavior 

 

 

 

EX 759 EQ 774 TU 753


Message 8 of 10
Super Contributor

Re: Experian Boost

That was sort of my thought here... so all this can do is slightly increase file thickness for someone by adding a new account to your CR.  Unless someone has little to no credit history, it's a complete non-factor. 

 

While sites like CK would lead people to believe otherwise, "number" of on-time payments is irrelevant.  A lot of people have a misconception that adding an account or two to their CR with a bunch of pretty green boxes somehow improves their score based on "more" on-time payments being present.  It doesn't matter if someone has 100 on-time payments or 500 on-time payments... what matters is if someone has any missed payments.  I think this is important for everyone to understand that's perhaps incorrectly seeing value in this. 

Message 9 of 10
Frequent Contributor

Re: Experian Boost

Came here for exactly this information.

I pay my utilities with a credit card for the points and for free cell phone insurance, and then make a payment from my bank to the credit card so I'm boggled as to what information they could possibly glean from my bank credentials. Other than to show I don't overdraw my account (?).

Besides, Mint and Quicken haven't been able to tell the difference between a regular monthly bill and a one time transaction in years, so I'm skeptical to say the least.
Message 10 of 10
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