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Now generally speaking, we don’t do a lot of videos regarding credit on this channel, as we are a business finance company. However I found this topic to be important, as personal credit is very integral in getting business financing. So what we’re going to do today is we’re going to cover the Experian boost program.
First of all this is a huge breakthrough in credit reporting. Why? Because over the last several decades you have never been able to report an account yourself as a consumer, and this is what the program allows you to do. Ever since credit reporting was developed only creditors, Banks, and credit unions are able to report information on to your credit report. So Experian is doing something completely counter-intuitive, what they’re going to do is let you, as a consumer, add-on utility bills and mobile phone payment accounts to your credit report. Then take that data and potentially help you boost your FICO score.
When I was a kid my parents advised me to never bounced a check, because it’ll ruin your credit score. When I grew up I found out that this is a complete myth. The advice was great and good-natured, you should never bounced checks to begin with, however the consequences that they thought would occur were completely false.
Checking and savings account information is not actually reported on your credit report and does not factor into your FICO score. This led me to my next question, how about paying your gas electric water and cell phone bills on time, does that help or hurt your credit?
If you pay them on time, it does not help your credit. However if you don’t pay them, and the utility provider decides to the report you to the credit bureaus, it is definitely going to hurt your credit.
Well….that’s not really fair is it? Experian is trying to level the playing field just a little bit to help out consumers,but whether it helps or hurts and whether it’s beneficial for you is for you to determine. So what exactly is the Experian boost system? Basically, it allows you to go on Experian.com and self report your utility bills and your cell phone payment. How do you do this?
Experian allows you to connect your online accounts of your utility providers with Experian.com and they’ll report that data, and calculate that into your FICO score. According to Experian, if you have on time payments, then Experian Boost is going to increase your FICO score, however if you miss payments, they’re going to completely leave that out of the equation.
So what are some of the pros of linking your utility login credentials to Experian.com?
Now let’s take a look at some of the drawbacks of doing this.
Finally how do you sign up for this? Very simple, follow the link below to Experian.com and sign up for Boost, from there you can actually connect the accounts that you want after giving them your login credentials to all your utility providers and you can skip over the accounts that you don’t want to connect to experience so again you’re completely in control.
To sign up for Experian Boost, visit https://bit.ly/2IiNMB0
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4 thoughts on “Experian Boost – Does it really boost your FICO?”
Nice read, I just passed this onto a friend who was doing some research on that. And he just bought me lunch since I found it for him smile Thus let me rephrase that: Thanks for lunch!
It’s nearly impossible to find educated people on this subject, but you seem
like you know what you’re talking about! Thanks
Keep up the good work! Thanks.
Enjoyed the post.