Experian Boost – Does it really boost your FICO?

To sign up for Experian Boost, visit https://bit.ly/2IiNMB0

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.

• What it is.
• How you can benefit from it.
• The Pro’s and Con’s of it.
• and finally, how you can sign up for it.

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?