Experian Credit Score Boost - Other News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Experian Credit Score Boost

Experian Credit Score Boost

Experian Credit Score Boost
The content is accurate at the time of publication and is subject to change.

If you have ever wanted to boost your credit score, you may want to take a closer look at Experian Boost, a new online platform that lets people increase their credit score almost instantly. Experian Boost is free and expected to be available in 2019.

How does it work? With Experian Boost people can opt to let Experian access their online bank accounts in order to add their utility and telecommunications payments into the financial mix that is used to create their credit score.

Once the system accesses the information the consumer verifies their information and authorizes Experian to add it into their credit file. After that point, the additional information is used to update their credit score. All of this happens in real time.

“Globally, we are constantly innovating and leveraging technology to find new ways to help consumers gain access to quality credit while promoting fair and responsible lending,” said Experian Global CEO Brian Cassin.

“We are committed to financial inclusion, and Experian Boost is the latest example of our efforts to increase consumer awareness of credit’s impact and value while giving them greater control,” he added.

People with credit scores under 669 benefit the most

Experian believes that people who have a thin credit file and/or have a score that falls in the 580 to 669 zone are the ones that will see the greatest gains from Experian Boost.
“Limited credit activity and history are key barriers for consumers to achieve their financial goals,” said Dara Duguay, executive director, Credit Builders Alliance.

“We fully support initiatives that promote financial inclusion and think Experian Boost could play an important role in overcoming that barrier. We look forward to seeing how Experian’s new platform impacts consumers.”

Better scores projected

Experian conducted some earn analysis using FICO credit scores to determine the platform’s influence on consumer’s credit profile. They found that two out of three of the credit scores they used were improved by Experian Boost.

They also found that 10% of people who had a slim credit file could now be scored, while 75% of people with a score lower than 680 experienced a boost in their credit score.

On the other hand, 14% of people with a score that was at or lower than 579 jumped to a score that was deemed “near prime,” meaning that it now fell in the 620 to 679 range.

Overall 5 – 15% ended up in a better category when it came to their credit score, depended upon the credit tier they were in.

To get more information on Experian Boost people can visit the website.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The Bank Credit Default rate Dropped Last Month
The Bank Credit Default rate Dropped Last Month

Posted: October 26, 2018

The SP Experian Consumer Credit Default Indices for September 2018 are out, showing that default rates dropped in three areas – credit cards, auto loans, and mortgages. The composite rate dropped five basis points when compared to August,… Continue reading

Sallie Mae Launches New Student Credit Cards
Sallie Mae Launches New Student Credit Cards

Posted: October 19, 2019

New Sallie Mae® cards offer unique features to students and young adults and a chance to win $10,000 to pay down any student loan. Continue reading

SimplyMiles by American Airlines
SimplyMiles by American Airlines

Posted: October 17, 2019

AAdvantage members are offered one more way to earn miles while shopping. American Airlines launched a new SimplyMiles program. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
The Citi Rewards+SM Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
For Excellent, Good Credit
Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
For Excellent, Good Credit
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!