Increase your credit score.
It is a free service created at the beginning of 2019 by Experian, to instantly improve credit scores by granting credit for on-time payments for utilities, telecommunications and some streaming services (Netflix, DisneyPlay, among others). Experian Boots connects to the bank account or credit card used by the customer to pay their utility bills and in this way, find qualified on-time payments for monthly bills, recording only positive payments. It never reports late payments, so it will not affect the customer’s credit history if they ever stop paying their bills. They perform world-class encryption to keep data secure and look for at least three months of payments within the first six months for each bill. The customer’s bill history is then displayed, so you can verify that the information is correct and decide to add it to Experian’s credit file to generate a credit score boost. This tool can be used by anyone with a SSN, and typically, people with low or fair credit scores benefit the most, according to statistics pulled by Experian.
From each credit level (Very Bad, Bad, Fair, Good, Very Good and Excellent), a study was conducted to validate whether this tool offered free of charge by Experian actually generated positive impact on credit, and 87% of people with Very Bad credit score range, used Experian Boots and saw their FICO Score credit score increase. Sixty-three percent of customers who accessed with the regular score also saw their credit score increase. S. (2020, July 27). What Is Experian Boost? Experian. https://www.experian. com/blogs/ask-experian/what-isexperian-boost/ Experian Boots has a partnership with Finicity, which is the organization that monitors and shares customers’ financial data via a platform, in order to gain recurring access to financial accounts to obtain and store users’ financial transactions for the purpose of aggregating certain accounts, such as payments to telecommunications companies and utilities to Experian’s credit file, monitor and provide financial transaction alerts for its own review (provided that the financial account monitoring service is made available to the customer), and for the purpose of facilitating and improving Experian Boost and other services.
Types of invoices that can be registered through Boost:
– Mobile and landline phones
– Internet Cable and satellite
– Gas and electricity
– Water Energy and solar
– Garbage
– Streaming Services (Netflix, DisneyPlus, HBO and Hulu)
