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Boost Your Credit Score with O1ne Mortgage

At O1ne Mortgage, we understand the importance of a good credit score in securing the best mortgage rates and terms. That’s why we’re excited to share how you can improve your credit score using tools like Experian Boost. In this article, we’ll explain how Experian Boost works, its benefits, and how O1ne Mortgage can assist you in your journey to financial success. For any mortgage service needs, call us at 213-732-3074.

What Is Experian Boost?

Experian Boost is a free feature that allows you to include your history of certain on-time household bill payments in your Experian credit file. This can help build your credit score by factoring in payments that are typically not reported to credit bureaus. Eligible accounts include:

• Phone bills (mobile and landline)
• Utility bills (gas, water, electricity, solar)
• Insurance (excluding health insurance)
• Residential rent (if paid online)
• Internet, cable, and satellite providers
• Video streaming subscriptions
• Trash collection services

How Does Experian Boost Work?

To use Experian Boost, you choose which bills to share, and you can change that at any time. Up to two years of payment history for each bill is added to your Experian credit report. If a lender or other legally authorized party requests a FICO® Score based on your Experian credit report, it will reflect Experian Boost data. Importantly, only on-time payments are considered, so late payments cannot hurt your FICO® Score.

Is Experian Boost Free?

Yes, Experian Boost is completely free. You only need a basic Experian account to access it. While there is a Premium CreditWorks account available for a fee, which offers expanded benefits, it is not required for Experian Boost.

Is the FICO® Score Increase Immediate?

Yes, if you receive a score increase when you add payments with Experian Boost, the increase will happen instantly. Users of Experian Boost whose scores improve see an average FICO® Score increase of 13 points.

Who Should Use Experian Boost?

Anyone can benefit from Experian Boost, but it’s typically most helpful to users with limited credit experience—sometimes referred to as “thin-file borrowers”—and those with fair or poor FICO® Scores.

How to Sign Up for Experian Boost

Signing up for Experian Boost is easy and typically takes just a few minutes. Here’s how:

1. Create a free Experian account.
2. On your account homepage, scroll down to the “Explore other actions” box and click “Add bills to Experian Boost.”
3. Enter information on the checking or credit card account(s) you use to pay the bills you want added to your credit report.
4. Experian Boost will identify eligible accounts and retrieve up to two years’ worth of payment history for each.
5. Confirm the accounts you want added, and Experian Boost will indicate the number of points your credit score has changed as a result.

How Can a Good Credit Score Help You?

There are many benefits to having a good credit score, including:

• Improved likelihood of approval on loan and credit card applications
• Access to a wider array of offers for loans and credit cards, including options with higher borrowing limits, better perks or rewards, and lower interest rates and fees
• Greater rental options among landlords and property managers that use credit scores in their tenant-screening processes
• Lower car insurance costs in states where car insurance providers use credit scores to help set premiums
• Lower security deposit requirements on home rentals and leased equipment such as wireless routers, cable boxes, and satellite dishes

Is Experian Boost Safe?

Yes, Experian Boost is safe. Protecting customer data is Experian’s top priority. Experian Boost uses multiple layers of security technology, including bank-level SSL security encryption, to safeguard your personal information when you connect your accounts and add your bills.

The Bottom Line

Experian Boost is a free feature that lets you get credit for responsible household bill payments by adding them to your Experian credit report for use in calculating credit scores. Signing up for Experian Boost is quick and easy and may yield an increase in your FICO® Score 8 based on Experian credit data.

At O1ne Mortgage, we are committed to helping you achieve your financial goals. Improving your credit score is a crucial step in securing the best mortgage rates and terms. For personalized mortgage services and expert advice, call us at 213-732-3074. Let O1ne Mortgage be your trusted partner in your journey to homeownership.

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