I TRIED EXPERIAN BOOST AND HERE IS WHAT HAPPENED…
This is the message I woke up to on a Saturday.
I’ve been seeing a ton of commercials and hearing a lot about Experian Boost. Do you think it can help me improve my credit score? It’s FREE, but I’m skeptical.
Honestly, I had no clue if it did work or not since I couldn’t find much information on it.
What I mean is that couldn’t find any unbiased – unpaid opinions about it that were creditable.
Every single last big-name blogger / financial outlet offered up their opinion, but their advice was a paid one and laced with an affiliate link.
So… I became a guinea pig and tried it myself. To see what the impact was.
But… before I give you the answer.
Let me start by explaining how Experian Boost works…
According to the Experian website…
“Experian Boost helps by giving you extra credit for the utility and mobile phone bills you’re already paying.”
Here is another tidbit about Experian Boost from Experian “it will count only positive payment history.”
This means so missed utility or cell phone payments will not hurt your score.
It’s also 100% “free.”
So far, so good right? But here is the problem
There are roughly 50+ different credit scores.
Your credit score will vary depending on what you’re applying for.
For example… Experian Boost only works with FICO 8, FICO 9, Vantage Score 3, Vantage Score 4.
Stay with me now!
This means If your lender uses any other credit score algorithm or credit bureau… Experian Boost can’t help you.
If you get an auto loan the lender will use: FICO Auto Score 8, FICO Auto Score 2, FICO Auto Score 4, or FICO Auto Score 5
If you get a mortgage, the lender will use: FICO Score 5, FICO Score 4, or FICO Score 2
If you get a credit card, the lender will use FICO Bankcard Score 8, FICO Score 3, FICO Bankcard Score 2, FICO Bankcard Score 4, or FICO Bankcard Score 5.
So not only will it not benefit you for any major purchases, did I mention it only works with Experian?
Now, if that wasn’t bad enough
You also have to give up access to your bank accounts to Experian.
Did you know that Experian, Equifax, and TransUnion sell your data to make money?
How do you think debt collectors get your information?
How do you think banks know when to send you “pre-approval” offers?
Experian boost is a great lead magnet (something used to collect data) for Experian!
The more data they have, the more money they can make.
Once you sign up, they try to rope you into their credit monitoring as well… smh
With the Equifax Data Breach and subsequent settlement, do you really feel comfortable giving a credit bureau even more information?
Did we forget that Experian had a data breach that exposed the personal information of 15 million T-Mobile subscribers?
Did we forget that Equifax exposed the personal information of 147 million people!
Do you want to give a credit bureau more of your information?
Once you add in, it doesn’t help you with anything that will be used for lending decisions… Experian boost becomes nothing more than a great marketing scheme.
If you want a sure-fire way to boost your credit and not just Experian, but for the ones that count, take a free tour of the YFS Academy below.
Oh btw… Are you interested in a sneak peek inside the YFS academy and all the courses offered? Click the link below to get a tour!