Introduction

In today’s financial landscape, maintaining a good credit score is crucial. Whether you’re looking to buy a home, secure a loan, or simply get better interest rates, your credit score plays a significant role. One innovative tool that can help you improve your credit score is Experian Boost. In this article, we’ll explore how Experian Boost works, how to add and remove bills, and why it’s a game-changer for your credit health. And remember, for all your mortgage service needs, contact O1ne Mortgage at 213-732-3074.

How Does Experian Boost Work?

Experian Boost allows you to enhance your Experian credit report by sharing your history of paying recurring expenses such as cellphone and utility bills, streaming subscriptions, and even rent if you pay it online. These payments are not traditionally reported to credit bureaus, but their inclusion in your Experian credit report can increase FICO® Scores based on Experian data.

How to Add Bills to Experian Boost

Adding accounts to Experian Boost is straightforward:

1. Enroll in a free Experian account if you don’t have one already. This account provides access to your Experian credit report and FICO® Scores based on Experian data for free, enables you to lock and unlock your Experian credit report, and entitles you to a free scan for the presence of your personal data on the hidden dark web.
2. Scroll down to the “Explore other actions” box on your account’s dashboard page and click the “Add bills to Experian Boost” button.
3. On the Experian Boost landing page, identify the checking or credit card account(s) you use to pay the recurring bills you want added to your credit report. Eligible bills include cellphone and utility bills, streaming subscriptions, and rent that you pay online. Then use the encrypted form to provide the username(s) and password(s) you use to log in to their online accounts.
4. Confirm that you want to add the eligible expenses Experian Boost identifies and their payment histories to your Experian Boost list. Once these accounts are added, Experian Boost will indicate the number of points the account has added to your credit score, if any.

How to Remove Accounts From Experian Boost

Removing an account from Experian Boost is also easy:

1. Each entry in your Experian Boost account list includes a filled-in checkbox. To remove an account, click its checkbox to deselect it and confirm your instruction to remove the account.
2. It makes sense to remove an account if it’s no longer active, but if you’re still making payments, you can still stand to benefit from them. If you make a late payment to one of the accounts in your Experian Boost list, for instance, that will not directly hurt your credit scores since Boost only considers on-time payments and ignores late payments.
3. If you fall delinquent on an account and the creditor sends it to a collection department or agency that reports to the credit bureaus, however, that will hurt your scores. This is true whether or not you choose to add the account to Experian Boost.

The Bottom Line

Experian Boost makes it quick and easy to increase your FICO® Score based on Experian data by recognizing your history of paying recurring expenses such as phone and utility bills, streaming service subscriptions, and online rent payments. Experian makes it just as quick and easy to remove an account anytime you wish.

At O1ne Mortgage, we understand the importance of a good credit score in securing the best mortgage rates and terms. If you’re looking to buy a home or refinance your existing mortgage, our team of experts is here to help. Contact us today at 213-732-3074 for personalized mortgage services that meet your needs.