Experian Boost Review: Who Should Use It?
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Experian Boost is a free service that allows users to improve their credit scores by adding on-time payments for utilities and streaming services to their credit files. But who should use it and how beneficial is it? In this review, we’ll discuss the features of Experian Boost and the types of people who could benefit from using it.
Features of Experian Boost
1. Connects to your bank account: Experian Boost connects to your bank account to find utility and streaming service payments, like electricity, water, gas, internet, phone bills, as well as subscriptions like Netflix and Hulu.
2. Reports positive payment history: After identifying these payments, Experian Boost adds your positive payment history for these bills to your Experian credit report, which can potentially increase your credit score.
3. Immediate results: Users usually see an immediate improvement in their FICO® Score 8 based on Experian data.
4. Secure and free: The Experian Boost platform is secure and completely free to use.
Who Should Use It?
1. People with limited or no credit history: Those who are new to credit or have a short credit history can benefit from adding more positive payment information using Experian Boost, helping them demonstrate responsible financial behavior.
2. Consumers with lower credit scores: If you have a low credit score due to past financial mistakes or missed payments, using Experian Boost can help you rebuild your score by adding
positive payment history for utilities and streaming services.
3. To improve chances of loan approvals: A higher credit score can improve your chances of getting approved for loans such as mortgages or car loans with better interest rates.
4. Renters without rent reporting: Rent payments often aren’t reported to credit bureaus unless you specifically request it through a rent-reporting service. Adding utility and streaming service payments using Experian Boost can help bolster your credit file.
Conclusion
Experian Boost can be a valuable tool for individuals looking to improve their credit scores without taking on debt. By adding positive payment history for utilities and streaming services, users may see immediate improvements in their scores. This service is beneficial for people new to credit, consumers with lower credit scores, or those seeking loan approvals with better interest rates.