Experian Boost: Raise Your Credit Score by Adding On-Time Streaming Payments
“While increasing video streaming hours during quarantine, consumers can now also increase their credit scores with Experian Boost"
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Starting today, Experian is offering a way to use the leading video streaming service – Netflix – to boost your credit. You can now add video streaming payment history to your Experian credit reports using Experian Boost – a free service. Experian Boost, launched early last year, accepts positive payment history for utility and telecom bills to help consumers increase their FICO® Scores.
“There is no doubt the pandemic has had an impact on the financial health of consumers,” said Jeff Softley, D2C president, Experian Consumer Services. “By giving consumers greater control, Experian Boost and our new finance tools help consumers not only gain access to quality credit but also help millions of Americans with broader financial recovery.”
The simple move of adding on-time monthly bills payment history can help improve your credit score as 35% of your credit score – the largest factor – is determined by how frequently you meet your credit payments. Late payments aren’t reported through this service.
Prior to the Netflix addition, you could only add utility and phone bills, including internet, cable, gas, electric and water bills. Experian is currently working on expanding to additional streaming providers, according to the company’s press statement.
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. However, this service doesn’t affect your credit score with the other two credit bureaus — Equifax and TransUnion.
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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.
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How to Get Credit for Eligible Bills with Experian Boost
- Connect your bank account or accounts you use to pay your bills
- Choose and verify the positive payment data you would like to add to your Experian credit file – you can go as far back as 24 months
- Receive your updated FICO score.
Other features of this service include access to your Experian credit report and FICO score, both updating every 30 days.
