Today, we know consumers are watching more television, and we also know that many consumers are also cutting cable and moving to streaming services, so it’s the right time for us to look at including a service like NetFlix. Online streaming has increased to monthly-service platforms- why not get a credit score bump for paying the monthly bill anyways?
Experian Boost is a free service that helps you improve your credit score by paying monthly bills on time. Prior to the Netflix addition, you could only add utility and phone bills, including internet, cable, gas, electric and water bills. Plans to expand to additional streaming providers are also in the works. Starting July 27, consumers can now include their Netflix on-time payment history on their Experian Boost accounts, which can help improve their credit scores.
In just over a year, more than 4 million consumers have already connected their accounts to Experian Boost, resulting in over 29 million points boosted to date, Softley says.
On average, users see a 13-point increase in their FICO® Score 8, based on Experian data. Results may vary and you may not see an improvement in your score. Also, this service doesn’t affect your credit score with the other two credit bureaus — Equifax and TransUnion.
New Experian Boost consumers can already start to link Netflix payments, while the option will roll out to existing users over the next few weeks.
How Experian Boost works
Getting credit for eligible bills with Experian Boost is easy and free. Simply follow these three steps:
- Connect the bank account(s) you use to pay your bills.
- Choose and verify the positive payment data you want added to your Experian credit file.
- Receive an updated FICO score.
Luckily, consumers can link positive payment data as far back as 24 months. Late payments aren’t reported through this service, however you should pay any outstanding bills as soon as possible since your creditor can send negative information to the credit bureaus.
Other features of Experian Boost include access to your Experian credit report and FICO score, both updating every 30 days. You’ll also receive Experian Credit Monitoring and alerts for changes on your credit report, such as new account openings in your name and balance updates.
If you’re determined to fulfill your dream of house-ownership, lowering your car loan payments, access more banks and loan funding or simply live a more financially opportune live- We’ll you’re in luck.
Book A FREE Credit Analysis, Today- Our Experts will give you a full insight into your credit report and the numerous ways to skyrocket your scores.
Simply, click Here and get STARTED!
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