How much does Experian Boost help? This question is often on the minds of those looking to improve their credit scores. Experian Boost is a feature offered by Experian, one of the three major credit bureaus in the United States, that allows consumers to add their payment history from utility bills, cell phone bills, and other non-credit accounts to their credit reports. But just how much of a difference can it make? Let’s delve into the details to find out.
Experian Boost can be a valuable tool for those looking to boost their credit scores. By adding positive payment history from non-credit accounts, it can provide a significant boost to your credit score. According to Experian, users who have taken advantage of the feature have seen an average increase of 10 points on their FICO score and 12 points on their VantageScore. However, it’s important to note that the actual increase in your credit score can vary depending on your individual circumstances.
One of the main benefits of Experian Boost is that it allows individuals to include payment history from accounts that are not typically reported to the credit bureaus. This can be particularly helpful for those who have limited credit history or have recently established credit. By including these positive payment histories, you can demonstrate responsible financial behavior to lenders and potentially improve your creditworthiness.
It’s also worth mentioning that Experian Boost can help you build a more comprehensive credit profile. By including non-credit accounts, your credit report becomes more robust, which can be beneficial when applying for loans or credit cards. However, it’s important to remember that Experian Boost will only impact your Experian credit report. If you want to see the full effect on your credit score, you’ll need to ensure that you regularly check your credit reports from all three major credit bureaus.
While Experian Boost can be a great tool for improving your credit score, it’s not a magic solution. It’s important to understand that it won’t make up for negative items on your credit report, such as late payments or collections. Additionally, the boost to your credit score is temporary and will only last as long as you keep the non-credit accounts active and continue to make timely payments.
In conclusion, Experian Boost can help you improve your credit score by adding positive payment history from non-credit accounts. On average, users have seen a significant increase in their credit scores, but the actual impact can vary. To maximize the benefits of Experian Boost, it’s essential to maintain good financial habits and regularly monitor your credit reports.
