Those who have the most to gain from Experian Boost include individuals with a so-called "thin file." This industry term describes anyone with a limited credit history, such as young adults, recent immigrants, and anyone who has been avoiding credit for any reason.is a free service that can help your credit, but there's only so much it can do. Obviously, it can't erase the consequences of any late payments, or reduce the impact of an excessive level of debt.
Furthermore, those who pay for their utilities and phone service using their credit cards won't have any qualifying payment records appearing in their bank account, so Experian Boost won't have any impact on your credit score if you don't pay bills from your bank account. Finally, you should know that although the credit-scoring models that Experian Boosts affects are widely used, some lenders might use different scoring formulas. For example, mortgage lenders typically use earlier versions of the FICO® scoring formula, so don't count on using Experian Boost to help you qualify for a better home loan.is a free service and using it can't hurt your credit score, so there's no harm in giving it a try.
Disclaimer: *Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. **Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
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