In a game-changing move that many expect will significantly improve financial inclusion for millions of Americans, Experian launched Experian Boost, a first-of-its-kind financial tool. Experian Boost, which is available at no cost to all credit active adults in the United States, empowers consumers to add positive payment history directly into their Experian credit file for an opportunity to instantly increase their FICO Score. There are more than 100 million consumers who either have thin credit files or no credit history,” said Craig Boundy, Experian North America CEO. “Our goal is to help consumers across the country build credit and get better access to credit. Experian Boost is one way we are doing this and we’re very excited to get this new tool into the hands of consumers.” 

After signing up for a free membership on Experian’s website, consumers can grant permission for Experian Boost to connect to their online bank accounts to identify utility and telecommunications payments. Once a consumer verifies the data and confirms they want it added to their Experian credit file, an updated FICO Score is delivered in real-time. While Experian expects the majority of credit-active consumers to benefit from the new platform, consumers with thin credit files (less than five trade lines) and scores between 580 to 669 are projected to benefit most from Experian Boost. “It’s wonderful to see Experian taking a lead in empowering consumers,” said José Quiñonez, founder and CEO Mission Asset Fund, a San Francisco-based nonprofit dedicated to improving financial access. “Experian Boost will give people with limited credit histories the opportunity to establish their creditworthiness, which is critical to improving financial inclusion in America.”

Experian Boost applies to many of the leading consumer credit scores used by lenders. To try the platform, visit www.experian.com/boost. For more information, https://www.experian.com/blogs/ask-experian/presentando-experian-boost/