Unlocking the Power of 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, refinance your mortgage, or secure a loan, your credit score plays a crucial role. One tool that can help you improve your credit score is Experian Boost. In this blog, we’ll explore what Experian Boost is, how it works, and how you can use it to your advantage. For any mortgage service needs, feel free to call us at 213-732-3074.

What Is Experian Boost?

Experian Boost is a free feature offered by Experian that allows you to add eligible on-time payments to your Experian credit report. This can potentially increase your credit scores, including the most recent versions of FICO and VantageScore credit scores. Launched in 2019, Experian Boost has expanded its list of eligible payment types, making it a valuable tool for consumers looking to improve their credit scores.

To use Experian Boost, you need to sign up or access the feature through your Experian account. By connecting your eligible bank or credit union accounts, Experian Boost can search through your account history to find eligible bill payments. Once you verify these payments, they can be added to your credit report, potentially improving your credit scores based on your Experian credit report.

Does Experian Boost Count Auto Insurance?

Initially, insurance payments were not eligible for Experian Boost. However, you can now add qualifying insurance payments, including:

• Auto insurance
• Life insurance
• Homeowners insurance
• Renters insurance
• Pet insurance

To qualify, you must make your insurance payments monthly rather than semi-annually or annually. It’s important to note that health insurance payments are not eligible, even if you make monthly payments.

What Other Bills Can You Add to Experian Boost?

Experian Boost allows you to pick and choose which bill payments you want to add to your credit report. You can add or remove bills at any time. In addition to insurance bills, eligible bills may include:

• Mobile and landline phone bills
• Cable, internet, and satellite services
• Gas, electricity, waste management, and water bills
• Residential rent paid online
• Video streaming services

If you decide to remove a bill later, Experian will remove the entire bill payment history from your credit report. The payment history might also be removed if there aren’t any reported payments for three consecutive months, which could happen if Experian Boost isn’t able to maintain a connection to your account.

How to Sign Up for Experian Boost

Signing up for Experian Boost is a straightforward process. Here are the steps to get started:

Creating a Free Account

You can sign up for Experian Boost by creating a free Experian account. If you already have an Experian account, you can access Experian Boost by logging in and navigating to the Experian Boost page under the “Credit” tab at the top of the page or under “Tools” at the bottom of the page.

Linking Your Bank Account

Connect the bank and credit union accounts that you use to pay eligible bills. Experian uses multiple methods to help keep your account and information safe.

Choosing Which Bills to Link

Experian Boost searches through up to two years’ worth of account history to find eligible bill payments. You can select which bills you want to add to Experian Boost. To qualify, you must have made at least three payments in the last six months, with one of those payments made within the last three months.

Explore Your Experian Account’s Other Features

Experian members receive many free features in addition to Experian Boost. You can monitor your credit report and FICO Score for free, use money management tools to track your finances, review credit card and personal loan offers based on your unique credit profile, and compare auto insurance quotes to see if you could save money by switching.

If you’re considering opening a new checking account, the Experian Smart Money Digital Checking Account & Debit Card can help you build credit without debt. This account automatically links to Experian Boost, giving you credit for eligible bill payments after three months of payments. You’ll also pay no monthly fees, have access to more than 55,000 fee-free ATMs worldwide, and could receive your paychecks up to two days early when you enroll in direct deposit. You can get an Experian Smart Money Account through a free or paid Experian membership, which also gives you access to your FICO Score, Experian credit report, and more.

Conclusion

Experian Boost is a powerful tool that can help you improve your credit score by adding eligible on-time payments to your Experian credit report. By understanding how it works and taking advantage of its features, you can take control of your credit and open up new financial opportunities. At O1ne Mortgage, we’re here to help you navigate the complexities of credit and mortgage services. For any mortgage service needs, call us at 213-732-3074. We’re committed to helping you achieve your financial goals.