Experian Boost Review: Check and Protect Your Credit Score

Experian Boost Review Check and Protect Your Credit Score, September 2021

It is a well known paradox in the world of credit scores: to build a good credit score, you need to have a clean credit history, which is essentially proof that you’ve paid back your loans on time. But in order to even obtain these loans to pay back on time and create a credit history, you need a good credit score. 

See how this begins to get difficult?

There are a few ways that people can try to build credit, but it can be tricky to navigate. 

A lot of online promotions make big promises to build your credit score, only to end up being scams out to get your money. 

You can sign up for a credit card to build your credit, but this also takes time and if you do fall behind on your payments, you can face debt, high interest repayments, and quickly lower your credit score rather than raise it. 

Here is a lesser known solution to building credit that can save you a lot of time and worry: let me introduce you to Experian Boost. 

Experian is doing something different to best serve you. They call themselves the “Consumer’s Bureau” and use innovative data analytics and technology to open more doors to financial resources for novice creditors. 

In plain terms, they think of creative ways to help you to build your credit. Let’s call this the Experian credit boost. Keep reading for my detailed Experian Boost review so that you can decide if this product is the best choice for your financial health.

Who is Experian?

Experian is an important company to know on your path to building credit because they are one of the largest three credit bureaus in America (the other two being Equifax and TransUnion). 

A credit bureau like Experian gathers information about an individual's credit report to provide to creditors before a loan is approved.

Essentially, a credit report includes a person’s credit history and score to demonstrate their likelihood to pay back that loan.

A credit score represents this probability numerically, 300 being the lowest credit score and 850 being perfect. 

So, knowing that Experian is responsible for collecting data and creating credit reports, it only makes sense that they can be on your side to help you check, build, and protect that credit, too. The company does this through their Experian Boost program.

How Does Experian Boost Work?

Experian Boost can help increase the credit score based on the FICO score 8 model (a comment credit score calculation that creditors will pull when you apply for a loan;

Experian notes that FICO credit score ratings are looked at by 90% of the top lenders in the country). 

When you register for Experian Boost and agree to the program’s contact and terms, Experian Boost will scan your past bank transactions for any recurring bills you pay that prove your financial responsibility.

This includes bill payments you’ve made for utilities, streaming services, your phone provider (think Spotify, Hulu, AT&T, Verizon, and Netflix to name a few). 

If Experian Boost finds that you have met these subscription services, phone bills, or other utility payments regularly and on time, they will count them towards improving your credit score.

This is not a common way that credit scores are developed, which is why it provides an extra “boost” to a person’s credit score. Experian states that the average user builds their FICO credit score by 13 points with the Experian credit boost. 

Keep in mind that if Experian scans your bank account and notices that you are not staying on top of these payments, your credit score will not be negatively impacted.

The program lets you decide which positive payment history you wanted to be considered on your credit file. This is also an unusual practice that very much benefits the consumer; in all other scenarios, missed loan payments will negatively impact your credit score.  

Advantages of Experian Boost

Free and Instant Results

A black tablet with Experian Boost app opened

Experian Boost is a free service with no hidden fees, which is unlike other online services that offer the same product.

The immediate results you get by using Experian Boost is also very satisfying; as soon as you indicate the payments you want to appear on your file, you see the positive impact they have on your credit score.

Check Your Credit Score Regularly

In order to have a good awareness of your financial situation, a helpful routine to establish is to check your credit score regularly.

Experian Boost makes this easy by giving you free access to your Experian Credit Report and FICO score.

All of this information can come in handy if you are looking to make any new financial moves, like opening up a credit card, applying for a loan, or searching for a new job or place to live. 

Protect Your Credit Score

Through the Boost program, you are subscribed to free credit monitoring and alerts.

A major, unexpected change in your credit score might be an indicator of identity theft.

With Experian, you can be alerted to these changes immediately. 

As well, Experian Boost gives you access to free dark web surveillance reports: if your personal information like your social security number or contact information is on the dark web, this information can be relayed to you so that you can get ahead of potential fraud. 

Discover Credit Card and Loan Matches

Experian Boost can use your financial information to connect you with credit card or loan offers than you can be approved for.

While this service can be useful, remember to do your own research before signing up for a new loan or credit card to ensure you are making the best financial choices for your individual needs. 

Factors to Keep in Mind When Using Experian Boost

Like any product, there are some aspects of Experian Boost that might not benefit all users. Here are some unique situations you might want to consider when using the Experian credit boost:

  • Experian Boost is most advantageous for “thin-file” or “invisible” credit customers: this means people who have little to no credit history, or not enough credit information to calculate a credit score.
  • Because Experian Boost works by considering the bill payments a person makes, it might not be the most helpful program for people who are trying to rebuild their credit score after coming out of debt. You first need to have proof of regular, on time bill payments.
  • Experian checks your bank account. This means that if you make your monthly subscription or phone payments from your credit card, they are already counted on your credit report and Boost won’t likely make much of a difference to your overall credit score. The bigger benefits of Experian Boost apply to folks who don’t have a credit card.
  • Experian Boost only applies to the credit report created by Experian. If your creditor pulls your report from another credit bureau, like Equifax or TransUnion, the Boost may not apply.
  • There are numerous data analytics companies that credit scores are calculated by, and not all of them work with Experian Boost. While it is likely that your creditor will pull a report that includes a credit score with Experian Boost applied to it, it is not a guarantee.

Keep in mind that none of these factors are reason enough to not use Experian Boost. Boost is a free service that can increase your credit score. Depending on the credit report a creditor pulls when you apply for a loan, this can only be an advantage to you.

Is Experian Boost Safe?

Yes, Experian Boost is a safe and secure program.

As one of America’s largest credit bureaus, Experian is a globally recognized company that uses government level encryption security.  

Upon access to your bank account, Experian Boost just gains “read only” permission (meaning that they are unable to make any amendments to your account)  and does not save your banking credentials. 

My Final Experian Boost Review

If you are just starting out with building your credit, Experian Boost can absolutely help. 

Experian Boost offers you a free, secure, and easy to use program that provides credit novices a step in the direction.

Use Experian Boost to better your financial health and work towards increased financial opportunities in your future.  

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