Boost Your Credit Score with Experian Boost: A Comprehensive Guide

At O1ne Mortgage, we understand the importance of maintaining a healthy credit score. Whether you’re looking to buy a new home or refinance your current mortgage, a good credit score can make all the difference. One innovative tool that can help you improve your credit score is Experian Boost. In this blog, we’ll explore how Experian Boost works, how to add and remove bills, and why it might be a game-changer for your financial health. For any mortgage service needs, feel free to call us at 213-732-3074.

How Does Experian Boost Work?

Experian Boost is a unique service that allows you to enhance your Experian credit report by sharing your payment history for recurring expenses. These expenses can include cellphone and utility bills, streaming subscriptions, and even rent if you pay it online. Traditionally, these payments are not reported to credit bureaus, but with Experian Boost, their inclusion can help increase your FICO® Scores based on Experian data.

When you enroll in Experian Boost, you have the flexibility to decide which bill payment information to share. You can add or remove bills at any time, giving you control over what gets reported. This can be particularly beneficial if you have a history of on-time payments for these types of bills.

How to Add Bills to Experian Boost

Adding accounts to Experian Boost is a straightforward process:

1. Enroll in a Free Experian Account: If you don’t already have an Experian account, you’ll need to create one. This account not only gives you access to Experian Boost but also provides your Experian credit report and FICO® Scores based on Experian data for free. Additionally, you can lock and unlock your Experian credit report and get a free scan for your personal data on the dark web.
2. Navigate to the Experian Boost Section: Once logged in, scroll down to the “Explore other actions” box on your account’s dashboard page and click the “Add bills to Experian Boost” button.
3. Identify Your Payment Accounts: On the Experian Boost landing page, identify the checking or credit card accounts you use to pay the recurring bills you want to add to your credit report. Eligible bills include cellphone and utility bills, streaming subscriptions, and online rent payments.
4. Provide Login Information: Use the encrypted form to provide the usernames and passwords you use to log in to these online accounts.
5. Confirm and Add Bills: Confirm that you want to add the eligible expenses Experian Boost identifies and their payment histories to your Experian Boost list. Once these accounts are added, Experian Boost will indicate the number of points the account has added to your credit score, if any.

How to Remove Accounts From Experian Boost

Removing an account from Experian Boost is just as easy as adding one:

1. Access Your Experian Boost Account List: Each entry in your Experian Boost account list includes a filled-in checkbox.
2. Deselect the Account: To remove an account, click its checkbox to deselect it and confirm your instruction to remove the account.

It makes sense to remove an account if it’s no longer active. However, if you’re still making payments, you can still benefit from them. Notably, if you make a late payment to one of the accounts in your Experian Boost list, it will not directly hurt your credit scores since Boost only considers on-time payments and ignores late payments.

However, if you fall delinquent on an account and the creditor sends it to a collection department or agency that reports to the credit bureaus, that will hurt your scores. This is true whether or not you choose to add the account to Experian Boost.

The Bottom Line

Experian Boost makes it quick and easy to increase your FICO® Score based on Experian data by recognizing your history of paying recurring expenses such as phone and utility bills, streaming service subscriptions, and online rent payments. Experian makes it just as quick and easy to remove an account anytime you wish.

At O1ne Mortgage, we are committed to helping you achieve your financial goals. Improving your credit score can open doors to better mortgage rates and terms. If you have any questions or need assistance with your mortgage needs, don’t hesitate to call us at 213-732-3074. We’re here to help you every step of the way.