If you’re trying to raiseyour credit score, paying your credit card bills on time and lowering your balances are two positive actions you can take. But if you need to bump your score up faster, you may also want to consider*Experian Boost™.
Experian Boost is a completely free feature that allows you to connect your utility and telecom accounts to your Experian credit report, which can potentially raise your FICO® score.
By linking your bills like monthly water and cell phone service, you can get credit for positive, on-time payments. Experian also recently updated eligible bills to include on-time streaming payments, providing you with more ways to improve your credit scores.
Keep in mind thatExperian Boost requires that users have at least one active credit account, such as a credit card or personal loan, to sign up.If you want to improve your credit fromfairto good, this feature can provide a helpful path.
Here are the eligible types of utility, telecom and streaming subscription payments you can link:
- Mobile and landline phones
- Internet
- Cable and satellite
- Gas and electric
- Water
- Power and solar
- Trash
- Netflix®
- HBO™
- Hulu™
- Disney+™
Once you sign up and connect your bills, you’ll instantly receive your new credit score, which may reflect an increase. On average, users see a 10-plus-point increase in their FICO® Score 8, which is based on Experian data.
Of course, results may vary based on your individual report, and it is possible that you may not see a change to your credit score at all.
Since this feature is provided by Experian, it only influences your Experian credit report and credit score. Signing up for Experian Boost won’t make a difference in your credit scores with Equifax or TransUnion.When you apply for credit, lenders may review your credit from any one of the credit bureaus. An increase in yourExperian credit score may not improve your qualification odds for a loan or credit card if the lender uses Equifax or TransUnion.
How to sign up for Experian Boost
- Connect the bank account(s) you use to pay your bills.
- Choose and verify the positive payment data you want added to your Experian credit file.
- Receive an updated FICO® Score.
Experian Boost may pull positive payment data as far back as 24 months. Any late payments on linked accounts won’t be reported through this feature. (However, you should still pay outstanding bills quickly to avoidlate fees.)
Beyond the ability to boost your credit score, Experian Boost provides updates to your Experian credit report and FICO® Score every 30 days. You’ll also receive free credit monitoring alerts for changes to your Experian credit report, such as new account openings and balance updates.
For a more comprehensive credit monitoring plan that tracks changes to all three of your credit reports, consider Experian IdentityWorks℠ Premium, which is free for the first 30 days and then costs $19.99 per month for one adult. There are also a variety of family plans available for up to two adults and up to 10 children, which is the reason Experian IdentityWorks ranks as CNBC Select’s best credit monitoring service for families.
On Experian's secure site
Cost
Free for 30 days, then $9.99 to $19.99 per month
Credit bureaus monitored
Experian for Plus plan or Experian, Equifax and TransUnion forPremium plan
Credit scoring model used
FICO®
Dark web scan
Yes
Identity insurance
Yes, up to $500,000 for Plus plan and up to $1 million for Premium plan*
Terms apply.
*Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. (AIG). The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.
Don't miss:
- Should you pay for Experian credit monitoring? Here's how the free and paid plans compare
- Equifax, Experian and TransUnion Announce Free Weekly Credit Reports for a year
- What to look for when you review your credit report
- How much does credit monitoring cost?
*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
FAQs
Experian Boost works by taking positive credit activity — like paying a bill on time every month — and using it to improve your credit score. It doesn't consider late or missed payments in the accounts that you link, so this wouldn't hurt your credit score.
Does Experian boost really raise your credit score? ›
Any lender that uses the FICO® Score 8 with Experian data will see that change reflected in score results. Users of Experian Boost whose scores improve see an average FICO® Score increase of 13 points.
What is the gimmick with Experian boost? ›
Experian Boost is a free credit-building tool that offers a workaround to the traditional credit model. It does this by looking at your payment history for bills like rent, utilities and streaming services that you make from your bank account and aren't reported to the credit bureaus.
What bills qualify for Experian Boost? ›
Which bill types qualify?
- Mobile and landline phone.
- Rent payments.
- Utility, including electricity, gas, water and waste management.
- Telecom, including satellite, cable and television.
- Insurance.
- Internet.
- Video streaming services.
Steps you can take to raise your credit score quickly include:
- Lower your credit utilization rate.
- Ask for late payment forgiveness.
- Dispute inaccurate information on your credit reports.
- Add utility and phone payments to your credit report.
- Check and understand your credit score.
- The bottom line about building credit fast.
The biggest drawback is that Experian Boost only affects your FICO Score 8 credit score and only when it's calculated using your Experian credit report, which many lenders will not use.
Is Experian Boost really free? ›
How Much Does Experian Boost Cost? Experian Boost is completely free. Once you sign up, you'll automatically be enrolled in a free Experian membership, which offers additional services such as free credit monitoring and a free FICO® Score.
How much will Experian boost raise my score? ›
According to Experian, on average users see a 13-point increase to their FICO® Score 8, which is based on Experian data. A score increase isn't guaranteed — Experian Boost just helps the credit bureau collect data it would otherwise miss.
What is the quickest way to raise my credit score? ›
4 tips to boost your credit score fast
- Pay down your revolving credit balances. If you have the funds to pay more than your minimum payment each month, you should do so. ...
- Increase your credit limit. ...
- Check your credit report for errors. ...
- Ask to have negative entries that are paid off removed from your credit report.
Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Some users may not receive an improved score or approval odds with Boost.
Experian launched Experian Boost in 2019 and has added to the list of eligible payment types since then. Today, consumers can use Experian Boost to add several types of insurance payments to their credit report, including monthly auto insurance payments.
What bills build credit? ›
Paying utilities, rent and cell phone bills can help build credit if they're reported to the credit bureaus. If certain bills aren't reported to the credit bureaus, you can consider using a third-party service to report your payments.
How to raise your credit score 200 points in 30 days? ›
Try paying debts and maintaining your credit utilisation ratio of 30% or below. There are two ways through which you can pay off your debts, which are as follows: Start paying off older accounts from lowest to highest outstanding balances. Start paying off based on the highest to lowest rate of interest.
What boosts credit scores the most? ›
But here are some things to consider that can help almost anyone boost their credit score:
- Review your credit reports. ...
- Pay on time. ...
- Keep your credit utilization rate low. ...
- Limit applying for new accounts. ...
- Keep old accounts open.
Yes, it is possible to pay someone to help fix your credit. These individuals or companies are known as credit repair companies and they specialize in helping individuals improve their credit score.
Can you pay to raise your credit score? ›
Pay off debt rather than moving it around: the most effective way to improve your credit scores in this area is by paying down your revolving (credit card) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.
Is Experian boost or credit karma more accurate? ›
Experian vs. Credit Karma: Which is more accurate for your credit score? You may be surprised to know that the simple answer is that both are accurate. Read on to find out what's different between the two companies, how they get your credit score, and why you have more than one credit score to begin with.
What raises your credit score more? ›
Make all payments on time and avoid applying for new credit. Lower your utilization ratio by paying down balances, increasing credit limits, or consolidating your debt. Become an authorized user on an account with a long history of responsible use.
Is credit boost from Experian safe? ›
In short—yes, Experian Boost is safe. Experian utilizes read-only access to your bank statement data to find your qualifying payments made to telecom and utility companies. This process is secure, and Experian does not store any consumer bank credentials—it only stores a record of any qualifying on-time payments.
