However, if you add these accounts to your Experian Boost platform and find that your score goes down, there’s an easy solution: simply remove them! He had no problem with it and my take was that he was impressed I had taken that step. Not all lenders accept the credit score: Experian Boost doesn’t contribute to all FICO scores, just your FICO 8. Because it just aggravates me that I pay all these bills each month & they aren't counted at all. on ActiveRain. For example, say your USAA, Chase, or Wells Fargo bank account won't connect to Boost or is not working. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Until now utility bills and phone bills payments were not counted into the scoring models. An increase in your Experian credit score may not improve your qualification odds for a loan or credit card if the lender uses Equifax or TransUnion. According to Experian, there are two steps you can take if your utility accounts are not being recognized by its Boost program. Subscribe to get the week’s most important news in your inbox every week. We contacted Experian to find out what a consumer can do if his utility accounts are not recognized by Boost. Reasonable efforts are made How to dispute chargeback for services not received. Young also noted that after you connect your bank account to Experian Boost, you’re taken back to its main page, which features a feedback module. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. I was one of the rainers that reblogged your article and it has been very well received by my followers. Experian Boost - Don't Do It! One of the first questions a lender will ask is "do you know your credit score?". Privacy Policy. If you do happen to miss a utility or phone bill payment, it will not be included. Thank you for sharing this, I had no idea that this might actually wind up 'hurting' me with my actual score. And yes, the product can do what it says - boost a user's credit scores. As of now, Fannie Mae, Freddie Mac, and HUD will all require a borrower to "correct" their report before they'll approve their loan - that means conventional, FHA, VA, and USDA financing is off the table for any borrower using Experian Boost. Experian Boost does not hold your payment history against you, but also makes it clear you won’t receive the benefits for NOT having a good history. Finally, remember that Experian Boost isn’t the end-all-be-all for raising your credit score. keep in mind that this will affect only your Experian score, not … I suspect you may be one of those people with a thin credit file. Your lender or insurer may use a different FICO ® Score than FICO ® Score 8, or another type of credit score altogether. However, since these late payments may show up on your credit report anyway, it’s best to focus on making on-time payments whether or not you choose to use Boost. i’ve only ever used resources that are free there. If your bank is listed and you agree to try the program, you could see a bit of a boost to your Experian FICO 8 credit score immediately. “Luckily,” says Ivan Chong, Founder of Lazy Finances, “new methods are being introduced such as Experian Boost which gives you credit for paying your utility bills and UltraFICOwhich looks at your bank account transactions and balances. Thank you for brining this to light. This data is then used in figuring your credit score. My loan officer mentioned that he saw that on my credit report and I explained how it works...that they scan my checking account. The offers that appear on this site are from companies from which CreditCards.com receives compensation. This article cites one example - we can now process a mortgage application with Experian BOOST updates on credit - - HOWEVER, keep in mind, lenders use the MIDDLE FICO score, so if only Experian is positively effected by BOOST, odds are the other scores, and the middle score, will not be updated. He has been a presenter at the FICO InterACT Global Conference, the Federal Reserve and the International Credit Symposium at Cambridge University in the UK. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Did not know that it would be seen as self reporting. If your utility bill is not identified, Boost will take you through a question-and-answer session that helps determine if the bill is eligible, Young said. “Also, sometimes a municipality is the payee and the bills or payments may not be recognized because they can’t be distinguished from other payments to that municipality,” such as trash, water or traffic tickets. Experian Boost doesn’t recognize my utility providers. Get essential reads every week with our newsletter. Just did the boost thing and nothing happened? Experian Boost Disclosure: Results may vary. This is what happened, Adding rent payments to your credit report could help lift your credit score. Experian Boost is the only way to instantly raise your credit score anywhere in the UK. Experian Boost also cannot create a credit report where one does not exist, says John Ulzheimer, national credit expert who formerly worked for FICO and Equifax. The fact that my bank was not listed on their menu showed that anybody with a small bank is going to have a problem. Thank you for this very important post that all agents should share with their buyer borrowers. What that means is that you may be the most responsible person on the planet with your money, but if your money habits don’t include something that the credit reporting agencies can track, your credit score will not necessarily reflect this good behavior.
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