How Experian Boost™ Works
Experian Boost™ is a compilation of tools and information that will help you recover from a bad credit score so that you can get one step closer to a great credit score.
The website includes a lot of helpful resources that are a great tool for understanding credit and getting you back on track. You can read more about the Boost™ program and information about what credit is, how it is calculated and much more.
The other great feature is that the site also helps you find the best credit cards, if you’re interested in getting credit.
The Basics of Experian Boost
Experian Boost™ is a credit repair service that can help you get a handle on your finances. Over time, your credit report may suffer from various errors, including late payments, collection activity, and even false and fraudulent information.
You may not even realize that these errors are damaging your credit until it’s too late. Credit score checks are usually run just when you need to take out a new loan or sign a lease – which is way too late to fix any negative credit activity.
Experian Boost™ aims to prevent these situations and keep your credit healthy and credit score high. Their service provides a weekly credit accountable report that monitors your aspects of credit such as payment activity, credit report inquiries, and your credit score. This proactive approach will help you uncover and correct mistakes much sooner than if you just relied on occasional credit score checks.
Once you sign up for Experian Boost™, you’ll get two “report cards” that analyze your credit score on a weekly basis. You can review the reports in order to understand what is affecting your score and take action to correct it, if necessary. This will also help you get a better understanding of how your credit score is calculated.
Which Credit Scores Experian Boost Impacts
Experian Boost gives you credit score access, no matter where you live, thanks to the online access feature. Users get to view a 3-month score tracking, which is helpful if you need help stabilizing your credit score, or if you need motivation to pay off any outstanding credit card debts. Experian Boost also checks your VantageScore, which is a scoring model that is similar to your FICO score.
Your VantageScore is more heavily weighted towards your payment history and amount owed. That’s why it is particularly helpful if you want to better your payment history.
The negative implication of the fact that the VantageScore is more heavily weighted towards the payment history aspect, and less weighted towards your spending habits, is that in Experian Boost your VantageScore may rise if you pay off debt, however when you make any future purchases, or have any other big changes, such as getting a new credit card or car loan, you could see your score drop without any notice.
How Effective is Experian Boost™?
Experian Boost™ offers a wide range of credit-building services … but it’s more expensive than other credit score improvement products. The service guarantees to improve your credit score in 30 days or your money back, but it’s not quite that simple. The company says Experian Boost™ will work for anyone, but you need to meet three main conditions before you should expect to see a difference:
You need to have been denied credit because you lacked a credit score in the past.
You need to have been recently approved for a retail account, like a car loan or credit card.
You need to have a pattern of paying your bills on time, which probably came from having a credit score in the first place.
Experian Boost™ is best used as a quick fix for someone who recently lost their score and needs to qualify for new credit. Let’s say you wanted to buy a car. You could order your Experian Boost™, get a better interest rate, and use the car payment as an automatic payment on your credit card, which you can pay off in full every month.
Experian Boost by the Numbers
Experian is different from your typical credit monitoring company.
One key difference is that they’re a credit bureau as well. That means that they keep records of your credit activity, and that allows you to monitor your credit score in a completely different way.
Experian has three basic credit score monitoring packages:
This is the most basic of the three. It’s actually the same thing as if you signed up for free credit monitoring at all three credit bureaus. This is great for checking your free credit reports on a regular basis. The free reports will give you an overview of your credit situation, but if you want more detailed information, this could be a good choice. It’s easy to set this up online.
This is the same as the basic plan plus a Credit Alert service. Each month you’ll receive a customized report of your activity: specifically, any changes from month to month in your credit score, the factors involved in the change, any questions you’ve answered that are being reported, any new types of inquiries, and any changes in your credit history. You can even get email alerts with this plan if you want.
Experian Boost Results
If you own a credit card, it’s always useful to check your credit score. Your credit score is a number between 300 and 850 that represents the likelihood that you’ll be able to pay your bills on time. Generally speaking, the higher the credit score, the better your chances for getting approved for a mortgage or car loan, receiving a credit card with lower interest rates, or opening up a utility account … just to name a few.
Experian Boost is a credit monitoring service that evaluates your credit score and then gives you tips on how to boost it. You can’t request a free credit report from them – that’s illegal – but they’ll provide the information about your Experian credit report free of charge.
When you register with Experian Boost and give them your email address and social security number, you are actually signing up for a credit report service. You’ll be able to see all three of your credit scores from TransUnion, Equifax, and Experian, along with your credit report from each bureau.
Can You Benefit from Experian Boost™?
Experian Boost™ was developed in order to help individuals and businesses gain better insight into their financial profile. There are many reasons why a person’s credit score may be diminished.
Although going through a divorce may be a difficult proposition, it is an opportunity to improve one’s financial situation.
It is important to take the credit score report in order to see the current state of your financial profile, in terms of assets and liabilities in order to prepare for the change, whether it be from an asset division of debt. Exploring the possibilities of what the future will hold can assist with making better, more informed decisions.
With Experian Boost™, you can do just that. You can focus on the positive first and then turn your attention to the repair or maintenance of an existing problem. While doing this repair it is important to make sure the credit bureaus are notified of the changes in order to make sure your credit profile stays current. This will pay dividends in the end, as building credit is tricky and can happen rapidly. Experian Boost™ can be a useful tool in this process.
Who Should Use Boost
If you’re looking for a way to improve your credit score, become a better credit risk, or to rebuild good credit, Boost™ might be a good choice for you. Boost™ is a credit monitoring service that helps you manage your credit health and boost your credit score.
So, is this credit monitoring service worth the cost? Here’s what we found out:
“What is Boost™?”
Basically, Boost™ is a credit monitoring service offered by Experian. It’s designed to help you learn more about your credit report and scores along with ways to improve and manage your credit health. While there are other credit monitoring services (e.g., CreditKarma) available, this service is specifically tailored toward helping you monitor your credit health.
The service includes three main components, which are discussed below:
Credit Score Tracker: Provides insight into your credit scores and monitors market changes that may impact your scores
Credit Report and Monitoring: Monitors your credit report for any changes to ensure that your credit report is up to date and accurate
Credit & Debt Resources: Provides you with educational content that you can use to become more knowledgeable about your credit and how to manage it
How to Benefit from Experian Boost
Experian Boost™ Review is an excellent way to have access to your credit report. If you don’t already have it, sign up for Experian Boost™ Review.
Obtaining your credit report is an essential part to staying on top of your credit score, financial well-being, and personal identity.
Alternative to Experian Boost™
There are hundreds of consumer credit reporting companies out there that compete for consumer business. Experian goes to great lengths to make their credit checking and monitoring service one of the best available.
They have a proprietary system for handling your credit reporting on time and accurately. As one of the three major credit reporting agencies in the United States, they have been named to the Privacy Rights Clearing House™ Scam Alert Hall of Shame for violations level two and three. For more information on what those ratings mean, visit the official site for an explanation from the Privacy Rights Clearing House.
That doesn’t mean Experian Boost™ is a bad service. In truth, it’s a great service. But it is not the only credit monitoring service available to you. An alternative to Experian Boost™ is Credit Sesame.
There are plenty of websites with plenty of credit monitoring services available to you. But Credit Sesame is the best of the lot because the front-end is actual easy to use and easy to navigate. You don’t have to spend hours learning the intricacies of their complex algorithm. It’s simple, easy, and accessible.
How UltraFICO Works
Stepping into the brand new year, most of us set new goals for ourselves. We want to accomplish a lot more in our personal and professional lives … and maybe even get that cool promotion at work that we’ve been after for so long. But that’s only part of the story. There’s something else we all want to do: get our credit score up as well.
The news is full of horror stories about credit scores and how deep down a rabbit hole they can take us unless we know what’s going on. Naturally, credit scores can affect how much interest you pay on loans, how much credit you can get, and even opportunities you might miss out on.
The good news is you don’t have to wait until you get that perfect job only to wonder what your credit score is like. You can actually check it right now with Experian Boost.
Since there are a ton of credit monitoring services and programs out there these days, you might be wondering what the difference between this one and the rest. Sure, they take your credit score but what else? Whether you’re looking into credit monitoring programs or you want to better understand your credit, checking your credit score with Experian Boost can help.
The Experian Boost™ service is pretty bare-bones in terms of what it offers, providing members with just one free credit score per month, along with two free updates to credit score factors that influence credit scores.