Experian Boost Pros and Cons: Does It Really Help?

The pros of Experian Boost include the fact that it is free, can potentially provide an immediate credit-score increase, and allows eligible on-time payments for bills such as utilities, phone service, rent, insurance, internet, cable, satellite and streaming services to be added to your Experian credit file. The cons include the fact that Boost only adds payment information to your Experian credit file, not your TransUnion or Equifax reports, the size of any score increase varies, not every lender uses a credit score affected by Boost, and you must connect an eligible financial account to identify qualifying payments. Experian says users who received a boost increased their FICO^® Score 8 by an average of 14 points, although some consumers see a smaller increase, no increase or even a temporary decrease. The service itself is free, and you choose which eligible payments to add.

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What Are the Pros of Experian Boost?

The biggest advantages of Experian Boost are that it is free, can produce an immediate score change, and lets you receive credit for certain on-time payments that normally are not included in your credit reports.

• It's Free: Experian Boost does not charge a separate fee to use the service. You can connect eligible financial accounts and use qualifying payment history to potentially improve your credit scores.
• Results Can Be Immediate: After you connect your accounts, select eligible bills and complete the Boost process, Experian says you can see your updated FICO^® Score immediately. The actual result depends on your credit profile and the payments that qualify.
• It Can Add Positive Payment History: Many household bills are not traditionally reported to the three major credit bureaus. Experian Boost can add qualifying on-time payments to your Experian credit file so they can be considered by eligible credit scoring models.
• You Choose Which Bills to Add: Experian allows you to select the bills you want to use for Boost. You are not required to add every eligible account that is identified.
• It Can Help Consumers With Limited or Damaged Credit: Consumers with little credit history or lower credit scores may have fewer traditional accounts contributing to their credit files. Adding eligible positive payment history can give scoring models additional information about how bills are paid.

What Are the Cons of Experian Boost?

The biggest limitations are that Boost only adds information to your Experian credit file, results are not guaranteed, and not every lender uses a credit score affected by the service.

• It Does Not Add Payment History to All Three Credit Reports: Experian Boost adds qualifying payment information to your Experian credit file. It does not automatically add those payments to your TransUnion or Equifax credit reports.
• Not Everyone Gets a Score Increase: Experian says results vary, and some users may not receive an improved score or improved approval odds. Among users who received a boost, the current Experian disclosure reports an average FICO^® Score 8 increase of 14 points.
• Not Every Bill Qualifies: Experian has specific requirements for eligible payments. For example, not all rent, telecommunications, utility, streaming, internet or insurance payments qualify. Experian's current disclosure says that generally at least three eligible payments to a qualifying payee within six months, including at least one within the previous three months, are required to receive a boost.
• Not Every Lender Uses a Boost-Affected Score: A higher score based on your Experian credit file does not guarantee that a lender will use that score when evaluating your application. Lenders may use different credit reports and different credit scoring models.
• You Must Connect Financial Accounts: Experian Boost needs access to the accounts you use to pay eligible bills so it can identify qualifying payments. Experian says the service uses read-only access and does not store your bank credentials, but some consumers may still prefer not to connect their financial accounts.

Can Experian Boost Hurt Your Credit Score?

It can in some circumstances, although Experian says any decrease should be reversible if you disconnect the linked account. Experian explains that some consumers may see their scores stay the same or decrease after connecting their accounts to Boost. If your score decreases because of Boost, Experian says disconnecting the linked account should return the score to its previous number.

Experian Boost only considers positive payment history from eligible accounts. Late payments on those accounts are not added to your Experian credit file through Boost.

How Many Points Can Experian Boost Raise Your Score?

Experian says users who received a boost increased their FICO^® Score 8 by an average of 14 points. That is an average, not a guaranteed increase. Some consumers may receive a larger increase, while others may see a smaller increase or no increase at all.

The amount of any increase depends on factors including your existing credit profile and the eligible payment information that can be added to your Experian credit file.

Does Experian Boost Work With Mortgage Credit Scores?

Not necessarily. Experian's current disclosure says most mortgage lenders do not consider credit scores impacted by Experian Boost. Mortgage lenders can use different credit reports and scoring models, so you should not assume that a Boost-related increase will be used when you apply for a mortgage.

This is one of the most important limitations to understand if you are considering Experian Boost specifically because you plan to apply for a mortgage.

What Bills Can Experian Boost Count?

Experian Boost can consider several types of recurring household payments, but individual payments must meet Experian's eligibility requirements. Current eligible categories include:

• Mobile and landline phone bills
• Utilities such as electricity, gas and water
• Internet, cable and satellite services
• Streaming services
• Eligible insurance payments
• Eligible residential rent payments

Not every payment within these categories qualifies. Experian says, for example, that health insurance payments, payments made by paper check or peer-to-peer payment services, and certain other transactions are not eligible.

Is Experian Boost Worth Using?

Experian Boost may be worth trying if you have eligible bills and want to see whether adding your positive payment history can improve your Experian-based credit scores. The service is free, and there is no need to open a new credit account simply to use Boost.

However, you should not rely on Experian Boost as a substitute for building a strong traditional credit history. Its benefits are limited to information added to your Experian credit file, and a lender may use a different credit report or scoring model that does not reflect the boost.

Bottom Line

Experian Boost is a free way to potentially improve your credit scores by adding eligible on-time household payments to your Experian credit file. The current Experian disclosure says users who received a boost increased their FICO^® Score 8 by an average of 14 points, but results vary and not every lender uses a score affected by Boost.

For a full breakdown of how Experian Boost works, what it costs, which bills qualify and how much your score could increase, see our comprehensive review:

➤ Read our full Experian Boost: How It Works and How Much It Can Raise Your Score.