Do you have poor credit or a short credit history? Experian Boost is a new service that can help you improve your score by taking into account your utilities payment record. There’s already a track record of this program working. However, keep in mind that this will affect only your Experian score, not those from the other major credit bureaus. How Does Experian Boost™ Work?
To use the free program, you need to create an account with Experian Boost. (Note: This is different from an account with Experian itself.) When you sign up, you’ll be asked to create a personal profile and give Experian some personal information.
Once you’re signed up and have an account, you’ll need to link to the program the bank accounts that you use to pay your utility bills if you want to use those payments to boost your score.
Boost will then transmit that history of payments to Experian, which will use it when it calculates your credit score. Those payments will also start appearing on your credit report, just like your other types of credit and open accounts.
One particularly compelling feature is that Boost will report only a positive payment history from your bank account. If you missed a phone bill payment last year, that won’t get reported. This is a big difference between traditional credit score calculations. If you miss a credit card payment, for example, credit card companies report that late payment after 30 days, and it can negatively impact your credit score.
With Boost, only the positive payments will appear on your report, so the information it’s scanning and reporting can only help your score. This is a major change to the credit score system and one that can mean big changes for people who have been stuck in a low score cycle for years