Statistics have shown that nearly 1/3 of Americans don’t have access to credit because credit scores are too low or they don’t have enough credit history. Experian is doing something a little different that will help consumers boost their score by utilizing common bills consumers pay every month: utility and phone. If you pay your utility and phone bill on time regularly, you could get a boost via Experian.
How does this work? Give Experian access to your online bank account. Experian identifies what would be utility and telephone bill. Once you have validated the data and confirmed you want it added to your credit report, Experian re-scores and updates the credit score.
According to Experian, 75% of consumers who had a score of 680 or less saw an increase in their score, and 10% of those consumers that did not have enough credit history became scoreable.
We aren’t sure how this plays out with the other credit bureau’s but if a boost will help improve your overall average when trying to qualify for a mortgage, this may be a viable option.
Check with your lender or to learn more about this product visit: https://www.experian.com/blogs/ask-experian/introducing-experian-boost/
