Do you need to boost your credit scores — fast? While some diligently work on improving their credit score for a year or more to make a big move like buying a car or a home or refinancing their debt, life might throw you a curveball — and you may need to boost your credit score quickly.
Experian Boost™* is an online tool that helps the majority of users increase their FICO®** Score by an average of 13 points, immediately. Experian Boost is unique in that it considers utility and telecom bills like your electric, cable and phone bills when calculating your credit scores.
Experian Boost is 100% free, does not hurt your credit scores, and takes just 5 minutes to complete. This review details how Experian Boost works and can help determine if you should use it to improve your credit score.
Is Experian Boost safe to use?
Yes, Experian Boost is a legitimate feature through Experian.
Tom Koesternen, Chartered Financial Analyst (CFA) and consultant for TheGuaranteedLoans, says Experian Boost is safe and useful for people who need help improving their creditworthiness — especially if they need help getting a personal loan.
Experian is one of the three leading credit reporting bureaus, overseen by lots of federal regulation, and has an A+ Better Business Bureau rating. Experian also has the most up-to-date and powerful 256-bit SSL data encryption on the market.
Nothing is perfect, but Experian Boost is indeed a safe product.
Is Experian Boost really free?
Experian Boost is 100% free. That said, Experian does have some credit monitoring and repair products that cost money, which you can expect you will be pitched. But you do not need to pay in any way to use or benefit from Experian Boost.
How does Experian Boost work?
Experian Boost factors positive utility and telecom bill payments into your FICO® Score. This means that unlike other credit bureaus, Experian Boost gives you credit for the months you paid your phone, electric or cable bill on time.
Based on your credit history and bill payment records, Experian Boost can increase your FICO® Score immediately. Those whose scores are boosted see a 13-point increase on average.
Any Experian Boost improvements are not applied to Transunion or Equifax credit scores.
Here is how Experian Boost works, step-by-step:
2. Connect your bank accounts. This allows Experian Boost to comb your expenses for phone, water, electricity, cable and other utility bills for timely payments.
3. Click the button to verify that you want your bills to be included in your Experian credit report, and let Experian Boost do its magic on your FICO® Score.
4. Watch your FICO® Score improve.
5. Once you are plugged into Experian Boost, the service will continue to monitor your credit scores and report for free, as well as a factor in your positive utility payment — which will benefit your credit scores long term.
How much will Experian Boost improve my credit?
According to Experian, 61% of Experian Boost users increased their FICO® Score, by an average of 13 points per user.
Of Boost users with a FICO® Score under 579, 86% increased their FICO® Score after completing the process, raising their scores 21 points on average.
10% of consumers who had insufficient credit history became scorable.
Experian Boost reviews
Experian Boost reviews from Reddit
Redditors have mixed experiences with Experian Boost going back two years when it launched. Some are concerned about their data.
This Redditor shared personal experience with a FICO score increase.
Pros and cons of Experian Boost
Pros:
- Can bump up your credit score quickly when you need it
- Easy
- Free
- Factors in utility bill payment, which other credit bureaus do not
Cons:
- Will not boost more than double-digits
- Only works those with bank accounts and utility bills in your name
- Potential for score decrease or no improvement in score
- Not all lenders accept the score
Experian Boost™ FAQ
Does Experian Boost hurt your credit score?
No. Experian Boost does not negatively impact your credit score or report. However, it likely won’t improve your score if you already have a credit history and make frequent credit card payments.
Bottom line on Experian Boost
So, you can see I’m a fan of Experian Boost. It is true! Here is why I think Experian Boost is good:
- 100% free way to check your Experian FICO® Score
- Fast: takes a few minutes
- FICO® Score increase is immediate!
- Legit and safe
This is a great new credit product from a reputable company that has some very cool features, including immediate, free credit scores and reports.
While a small credit score increase will not change your life, it is a nice step toward a bigger credit and debt goal. The use of positive bill payment can help millions of Americans improve their finances.
Get your free credit report and increase your FICO® Score immediately with Experian Boost. >>
*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
**Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
While Experian Boost can help raise your credit score fast, you also should explore fixes that will help you improve your score over time. Take steps to build your credit if you don’t have any. Or, commit to repairing your credit.
Experian is one of the leading three credit bureaus, overseen by federal and state regulators, and has the most up-to-date and powerful data encryption on the market. Nothing is perfect, but Experian is indeed a safe product.
Experian Boost is free. That said, Experian does have some credit monitoring and repair products that cost money, which you can expect you will be pitched.
Experian Boost factors positive utility and telecom bill payments into your FICO Score. This means that unlike other credit bureaus, Experian Boost gives you credit for the months you paid your phone, electric or cable bill on time.
No. Experian Boost does not negatively impact your credit score or report.
Yes. Experian is one of the three leading credit reporting bureaus, overseen by lots of federal regulation, and has an “A” Better Business Bureau rating.