Experian has announced the launch of Experian Boost, a free online platform that allows consumers to potentially boost their credit scores in an instant.
Through the platform, consumers can allow Experian Boost to connect to their online bank accounts to access utility and telecommunications payments. After the date is verified and a consumer confirms it should be added to their Experian credit file, an updated FICO Score is delivered in real time.
“Globally, we are constantly innovating and leveraging technology to find new ways to help consumers gain access to quality credit, while promoting fair and responsible lending,” said Experian Global CEO Brian Cassin in a press release. “We are committed to financial inclusion, and Experian Boost is the latest example of our efforts to increase consumer awareness of credit’s impact and value, while giving them greater control.”
The company noted that consumers with thin credit files (less than five trade lines), and scores between 580 and 669, will see the most benefit from Experian Boost. Consumers with low or subprime credit scores often face higher interest rates, with data showing that a subprime credit score costs the average consumer approximately $200,000 more over the course of their life.
“Limited credit activity and history are key barriers for consumers to achieve their financial goals,” said Dara Duguay, executive director of Credit Builders Alliance. “We fully support initiatives that promote financial inclusion, and think Experian Boost could play an important role in overcoming that barrier. We look forward to seeing how Experian’s new platform impacts consumers.”
Only positive payment histories will be aggregated through the platform, and consumers can remove the new data at any time. In addition, a person can contribute new data to the Experian Boost platform as many times as they want. The platform will be open to all credit-active adults in early 2019.