Experian Boost Review: Build Credit with Rent Payments | finder.com (2024)

Who is Experian Boost best for?

Experian Boost is great for anyone looking for a free way to improve their FICO® credit score generated by their Experian credit report. Experian Boost can let you build payment history for bills you already pay, and there’s no charge whatsoever.

What we like about Experian Boost

For starters, Experian Boost is a completely free service. While most other rent-reporting services charge a monthly fee, you don’t have to pay a monthly membership fee to use Experian Boost or sign up for an Experian account.

Adding recurring bill payments to your credit file can make a huge impact on your Experian-generated credit score: Payment history makes up 35% of your FICO® Score 8. Up to two years of payment history for each bill can be added, and Experian Boost only considers on-time payments; late payments are ignored. Boost users see an average FICO score increase of 13 points, as reported by Experian.

Get payment history for bills you already pay

Experian Boost lets you start building your Experian credit history for bills you already pay. You can start reporting your payment history for recurring bills such as:

  • Eligible online rent payments
  • Utilities, such as gas, electric, water and more
  • Telecom, such as phone bills, internet, cable and more
  • Streaming services, such as Netflix, Disney+, Hulu and more
  • Insurance, such as home, auto or life

Once you set up your Experian account and Boost, Experian scans your bank accounts for eligible bills. You can also manually add bills, or remove them whenever you’d like.

Experian offers other products and services

As a major credit bureau, signing up for an Experian membership to access Boost also offers additional perks. Even if you don’t end up getting Experian Boost, having an Experian account can let you monitor your credit report so you can catch things like identity theft, spot mistakes and learn more about your FICO® credit score.

Also, Experian offers the Experian Smart Money Digital Checking Account. This account is automatically linked to the Boost service and has no monthly fees or opening deposit requirements.

Where it falls short

The biggest downside to Experian Boost is that it only reports to Experian. Payments reported will only be added to your Experian credit report and not the other major credit bureaus like TransUnion or Equifax. If someone checks your credit score using your TransUnion credit report, the payment history generated through Experian Boost won’t impact your credit score.

Also, to report a bill with Boost, the bill needs to be recurring. Experian Boost requires at least three consecutive payments to be eligible, and it must be a bill that’s paid electronically and on a monthly basis. For example, if you pay rent via cash or cashier’s check, it won’t be eligible, and neither will any utilities you pay on a quarterly basis.

Compare Experian Boost to other credit-building services

Narrow down top down credit-building options by features, fees and more. For a better comparison, tick the Compare box on multiple providers to see benefits side by side.

How to open Experian Boost

You must get a free Experian account before enrolling in Experian Boost. Follow these steps to start using Experian Boost:

  1. Go to Experian.com, and select Sign up for free or Sign in to start your free Experian membership profile.
  2. Enter your information, such as the last four digits of your Social Security number (SSN) and phone number. Experian needs your SSN to verify your identity and pull your Experian credit report.
  3. Sign up for Experian Boost for free.
  4. Connect the external bank accounts you use to pay the bills you want to report. If you have the Experian Smart Money Digital Checking Account, Boost connects automatically.
  5. Experian scans your accounts and locates bills with on-time payments, and you can select which ones to add to your Experian credit report.

Customer experience

Despite Experian being a credit bureau first and foremost, the majority of Trustpilot customer reviews for Experian are in direct reference to Boost — which has overwhelmingly positive feedback.

There are over 65,000 reviews on Trustpilot, resulting in a decent 3.9 star rating. Nearly all the reviews about Boost are raving stories of customers saying their credit scores increased dramatically and nearly instantly. A few customers offer so-so ratings and express disappointment that not all of their recurring bills could be reported, but that’s to be expected with Boost’s somewhat strict eligibility requirements.

Other Experian reviews have to do with credit issues in general, such as being locked out of their Experian account or difficulties removing errors from their Experian credit report. Other negative reviews are from people asking Experian why their FICO® or VantageScore dropped. But Experian doesn’t generate your actual credit score.

On the Better Business Bureau, Experian has over 14,000 complaints, which is quite a lot. However, most of those complaints have to do with unique circumstances around accounts reported to their Experian credit report, such as incorrectly reported late payments, disputing incorrect accounts and troubles with removing accounts associated with identity theft.

Frequently asked questions

What is included in Experian boost?

Experian Boost is a free service that reports a number of recurring bill payments to your Experian credit file, which can include monthly bills paid electronically, such as streaming services, utilities, rent payments and insurance.

Does Experian Boost impact my other credit reports?

Unfortunately, no. You’ll only see changes in your Experian credit report. Experian Boost will not add payment history to other credit reports, such as TransUnion or Equifax.

Can I raise my credit score 100 points overnight?

Probably not, but there are many ways to improve your credit score fast. Most of the time, it will take at least a month to see changes in your credit score if you added a new account, removed an error or resolved issues. This is because most creditors report payments and accounts on a monthly basis.

If you were to open a new account, you might not see a large difference in your credit score for around 30 days. With responsible management and timely payment history, you’re more likely to see a substantial improvement in about six months.

Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Learn more.

Experian Boost Review: Build Credit with Rent Payments | finder.com (2024)

FAQs

Can rent payments boost my credit score? ›

If you regularly pay your rent on time and in full, you can have your good payment history reported to credit bureaus to help raise your credit score through a rent-reporting service. Know that any rent-reporting services could require a fee for the service, which is usually paid on a monthly basis.

Does Experian boost really boost your credit? ›

Yes, if you receive a score increase when you add payments with Experian Boost, the increase will happen instantly. Any lender that uses the FICO® Score 8 with Experian data will see that change reflected in score results. Users of Experian Boost whose scores improve see an average FICO® Score increase of 13 points.

How can I boost my credit score fast up to rent an apartment? ›

10 Ways to Improve Your Credit Score
  1. Get a Credit Card. ...
  2. Become an Authorized User on Somebody Else's Credit Card. ...
  3. Keep Old Accounts Open. ...
  4. Always Make Payments on Time. ...
  5. Avoid Opening Too Many New Accounts. ...
  6. Avoid Using All of Your Available Credit. ...
  7. Make More Payments if You Can. ...
  8. Ask for a Credit Limit Increase.
Sep 4, 2023

How can I report my rent payments to Experian? ›

If your rent qualifies, you can add your rent to Experian Boost by: Connecting your bank accounts or credit card that you use to pay rent to your Experian account. If you don't already have a free Experian account, signing up for Experian Boost will establish one for you.

Why don t rent payments affect credit score? ›

It's unlikely that your rent payment history appears on your credit reports, but that's not because paying your rent on time isn't important. More likely than not, it's simply because your landlord doesn't report your rent payments to the credit bureaus (Experian, TransUnion and Equifax).

Why doesn't paying rent count towards credit score? ›

Not paying your rent could damage your credit score if your landlord decides to report the delinquent payment to one or more credit reporting agencies, or if they decide to sell the debt to a collection agency.

What is the downside of Experian boost? ›

The biggest drawback is that Experian Boost only affects your FICO Score 8 credit score and only when it's calculated using your Experian credit report, which many lenders will not use.

How can I raise my credit score 100 points overnight? ›

10 Ways to Boost Your Credit Score
  1. Review Your Credit Report. ...
  2. Pay Your Bills on Time. ...
  3. Ask for Late Payment Forgiveness. ...
  4. Keep Credit Card Balances Low. ...
  5. Keep Old Credit Cards Active. ...
  6. Become an Authorized User. ...
  7. Consider a Credit Builder Loan. ...
  8. Take Out a Secured Credit Card.

What bills qualify for Experian boost? ›

Which bill types qualify?
  • Mobile and landline phone.
  • Rent payments.
  • Utility, including electricity, gas, water and waste management.
  • Telecom, including satellite, cable and television.
  • Insurance.
  • Internet.
  • Video streaming services.

What credit score will get you an apartment? ›

As stated above, many landlords look for a credit score of at least “good” (670 to 739) when approving new rental applications. Still, even with a score rated “excellent” (800 to 850), credit alone isn't enough to qualify.

What is Experian rentbureau? ›

Collects rent payment history data from property owners and residential real estate managers, electronic rent payment services and collection companies, and makes that information available to the multifamily housing industry through tenant screening companies.

What credit score do most apartments use? ›

In general, a landlord will look for a credit score that is at least “good,” which is generally in the range of 670 to 739.

Is Experian RentBureau legit? ›

Experian® RentBureau® is the largest and most widely used rental payment database. We provide data detailing rental payment history on prospective residents so you can confidently approve more applicants, faster.

Do landlords use Experian? ›

Experian's service can support a number of industries — perhaps you are a landlord evaluating a prospective tenant or a doctor who needs to setup a payment schedule.

Can you manually add bills to Experian boost? ›

Scroll down to the "Explore other actions" box on your account's dashboard page and click the "Add bills to Experian Boost" button. 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.

What bills build credit? ›

Paying utilities, rent and cell phone bills can help build credit if they're reported to the credit bureaus. If certain bills aren't reported to the credit bureaus, you can consider using a third-party service to report your payments.

How long does it take to build credit? ›

The Takeaway

It usually takes a minimum of six months to generate your first credit score. Establishing good or excellent credit takes longer. If you follow the tips above for building good credit and avoid the potential pitfalls, your score should continue to improve.

Can landlords affect credit score? ›

When you break a lease, you'll generally be charged penalties by your landlord. Failure to pay these penalties can impact your credit scores, as your landlord can turn the debt over to a collection agency.

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