Experian Boost Review: Can It Really Improve Your Credit Score?

Experian Boost is a feature of Experian that automatically digs through years of payment history to find non-credit bills like streaming, subscriptions or your mobile, proving that you can be trusted to make regular, on-time payments. Users receive an average score increase of 13 points.

This Experian Boost review will go over the pros and cons to help you decide if it's a good tool for your staying on top of your finances.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Key Takeaways

• Experian Boost adds everyday bills like rent, utilities, phone, internet and streaming to your Experian credit report, giving users an average score bump of 13 points at no cost.

• The tool has real limits since it only affects your Experian score, requires an existing credit account active for at least six months and isn't always recognized by mortgage lenders.

• Try Experian Boost if you already have credit and want a quick, free lift. If you're starting from scratch, open a secured card or credit-builder loan first.

Summary generated by AI, verified by MoneyLion editors

How Experian Boost Works

Experian Boost is a tool that can help you to increase your Experian credit score, not your score with other credit bureaus. It counts activity that doesn’t otherwise appear on your credit score.

Experian factors into your score responsible habits such as faithfully paying monthly expenses such as your:

• Rent

• Phone bill

• Insurance

• Utilities

• Internet

• Video streaming bill

Connect your bank to Experian Boost so it can track your on-time payments, and your credit score may increase immediately. It’ll comb through the past two years of any qualifying expenses for which you’ve made at least three previous payments.

Build Credit From Monthly Payments You Already Make

Experian Boost counts on-time payments for recurring bills like rent, utilities and streaming services as responsible credit habits. It’ll include those details on your credit report to potentially improve your score.

• Cost: $0

• Instant Results: Yes, potentially

• Credit Score Impact: N/A

Experian Boost Isn’t for Everyone

Unfortunately, Experian Boost isn’t the answer it may first appear to be for those looking to kickstart their credit journey. This tool won’t help you to generate a credit score from square one.

Instead, you’ll need to already have at least one account on your credit report — such as a credit card — that has been active and reported to a credit bureau for at least six months.

All to say, Experian Boost isn’t a gateway between no credit and good credit. To begin your credit journey, you can do things like open a secured credit card or request to be an authorized user on the credit card account of a family member or friend.

It’s also worth noting that not all lenders will acknowledge Experian Boost’s effects. For example, mortgage lenders tend to disregard a score that’s been improved by Experian Boost.

Credit Monitoring Features

While Experian Boost isn’t primarily a credit monitoring program, signing up will grant you basic features, namely:

Free Access to Your FICO Score and Report

You’ll receive an updated Experian credit report and credit score to help you keep an eye on your credit health. An unexpected score drop can prompt you to investigate the issue.

Free Identity Scan

You can perform a sweep of the dark web and various people finder websites to see if your personal information is anywhere you don’t want it to be.

In addition to these capabilities, a free Experian account also comes with credit monitoring features such as:

Fraud Alerts

You can specify that you’d like lenders to take extra steps to verify your identity. That makes it harder for fraudsters to open a new account under your name.

Credit Freeze

When you freeze your Experian credit file, nobody can access your credit without your permission. In other words, if a scammer retrieves your information and applies for a loan under your name, the lender won’t be able to view your credit — and therefore won’t approve the scammer’s request.

User Experience

Experian Boost doesn’t have its own separate app. Instead, you can access it through the free Experian app, which has an average 4.77 stars from over 3 million reviews across the Google Play and Apple App Store.

Experian Boost has many rave reviews from users on forums like myFICO and Reddit. One user mentioned their score increased by 32 points — and their spouse’s score increased by 40 points.

Users also praise the seamless setup process of adding your banking details to Experian for a quick and effortless scan of your eligible expenses.

Experian Boost vs. Competitor Options

Here’s how Experian Boost functions similarly and differently to other platforms.

Experian Boost vs. Credit Karma

Credit Karma is a different beast than Experian Boost, in that it doesn’t itself serve to improve your credit score. Instead, Credit Karma specializes in credit monitoring — specifically Equifax and TransUnion — and personalizing loan recommendations for you. Think of Credit Karma as a tool for long-term credit success — while Credit Boost is more of a quick win.

Experian Boost vs. myFICO

Similarly, myFICO serves an entirely different purpose from Experian Boost. Its free membership allows you to monitor your Equifax credit score only, and focuses on helping you understand why your credit health is the way it is — and what you can do to improve it. There are no features similar to what you find with Experian Boost to help you quickly increase your score.

Experian Boost vs. Credit Sesame

Credit Sesame provides the same type of information and service as Credit Karma in terms of credit monitoring — TransUnion only, though, tailored loan recommendations, etc.

That said, it offers a unique way to help you build credit, which is similar to Experian Boost — though it requires a paid subscription to Sesame+. Credit Sesame will add your rent payments to your TransUnion report, boosting your on-time payment history and potentially bolstering your credit profile.

Final Take

Experian Boost is best for those looking for a rapid improvement to their credit score for free. Check your credit score immediately after entering your banking details into Experian Boost, and you may well see a positive change.

Just remember that it’s only for those who already have accounts that report to credit bureaus. If you’ve never opened a loan or a line of credit, consider a credit builder loan or a secured credit card before making use of Experian Boost.

FAQs

How does Experian Boost work?

Experian Boost works by examining your payment history with common recurring bills like utilities, streaming services and wireless payments to improve your creditworthiness. It counts these things similarly to the way an on-time credit card bill is paid. More timely payments added to your credit history may increase your credit score.

Is Experian Boost safe to use?

Experian Boost is safe to use, implementing bank-level security encryption. However, some may not feel comfortable volunteering extra personal information to Experian such as spending history and bank details) if they don't have to.

Does Experian Boost really improve your credit score?

Yes, Experian Boost really improves your Experian credit score. That said, not all lenders value the effect of Experian Boost on your score, so it won't always have a positive result.

What bills can I add with Experian Boost?

You can add mobile and landline phone, rent, utilities like electric, gas, water, waste management, telecom, such as satellite, cable, television, monthly insurance bills, internet and video streaming services to Experian Boost.

Is Experian Boost free?

Experian Boost is completely free.

How long does it take to see results from Experian Boost?

You may see results from Experian Boost immediately after adding your bank details. Key Terms

• Experian Boost: A free Experian feature that adds eligible on-time bill payments to your Experian credit file, which may help raise your FICO® Score.

• Credit score: A three-digit number that shows how likely you are to repay borrowed money based on information in your credit report.

• FICO® Score: A widely used credit scoring model that rates your credit risk on a scale from 300 to 850.

• Credit report: A record of your borrowing and payment history that lenders use to evaluate your creditworthiness.

• Credit monitoring: A service that tracks changes to your credit report and can alert you to new activity or possible fraud.

Sources:

• Consumer Financial Protection Bureau: What is a credit score?

• FICO: What is a FICO Score?

• Experian: Experian Boost

• Consumer Financial Protection Bureau: What is a credit report?

Photo Credit: iStock.com