Costa Mesa, Calif., September 25, 2019 — In the six months since Experian Boost was launched, millions of consumers have used the platform, taken control of their information and, collectively, have added more than 11 million points to their FICO® Scores. Experian Boost, which is available at no cost to all credit active adults in the United States, empowers consumers to contribute positive payment history directly into their Experian credit file for an opportunity to instantly increase their FICO Score.
Contributing payment histories to an Experian credit file through Experian Boost allows lenders to make more informed decisions when considering prospective borrowers. Only positive payment histories are aggregated through the platform and consumers can remove the data from their Experian credit file at any time. There is no limit to how many times one can use Experian Boost to contribute new data.
Consumers Boosted by Experian
Fast facts about how consumers have benefitted from Experian Boost:
* FICO Score 8 based on Experian data
** Of those who see an increase after using Experian Boost
“Experian Boost has been a gamechanger for consumers,” said Craig Boundy, Experian North America CEO. “It’s the only product of its kind available today. It’s free to consumers, empowering them with choice, control and real time impact on their FICO credit score. We’re pleased with the positive impact we’ve seen to date and we’ll continue to enhance Experian Boost to improve financial access for more consumers.”
How Consumers Can Boost Their Credit Scores
After signing up for a free membership on Experian’s website, consumers can grant permission for Experian Boost to connect to their online bank accounts to identify utility and telecommunications payments. Once a consumer verifies the data and confirms they want it added to their Experian credit file, an updated FICO Score is delivered in real-time.
While Experian expects the majority of credit-active consumers will benefit from the new platform, consumers with thin credit files (less than five trade lines) and scores between 580 and 669 may benefit most from Experian Boost.
“Among the million Americans helped each year by NFCC agencies, some struggle with access to affordable credit because of a lack of credit history or past repayment challenges,” said Bruce McClary, NFCC Vice President, Communications. “As a leader in financial education and counseling, NFCC supports innovations like Experian Boost that promote financial inclusion while helping lenders identify more consumers who can pay responsibly.”
To try Experian Boost, visit http://www.experian.com/boost.