Experian Boost empowers consumers to add positive payment history directly into their credit file for an opportunity to increase their credit score instantly.  Tweet

Since announcing Experian Boost less than four months ago, Experian has tested the platform with thousands of credit-active consumers. Initial results revealed:

• Two-thirds of consumers saw an instant improvement to their FICO Score
• Depending on credit tier, 10 -15% of consumers moved into a better score category
• The average FICO Score increase was more than 10 points

“Experian Boost is exactly what consumers have been asking for. More than 70,000 Americans joined the Experian Boost waiting list, underscoring how eager consumers are to control their data and potentially increase their credit scores,” added Boundy.

How Consumers Can Boost Their Credit Scores
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.”

Contributing payment histories to an Experian credit file through Experian Boost will allow lenders to make more informed decisions when considering prospective borrowers. Only positive payment histories will be aggregated through the platform and consumers can remove the data from their Experian credit file at any time. There is no limit to how many times one can use Experian Boost to contribute new data.

“With Experian Boost, consumers are in complete control. They can opt-in and opt-out at any time,” said Boundy.

To increase awareness of Experian Boost, Experian is kicking off a marketing campaign to coincide with the National Collegiate Athletics Association’s (NCAA) March Madness tournament. The campaign includes broadcast, print/digital advertising and a social media program.

Experian Boost applies to many of the leading consumer credit scores used by lenders. To try the platform, visit www.experian.com/boost.

About Experian
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 16,500 people operating across 39 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

MEDIA CONTACTS

Amanda Irving
Experian Public Relations
[email protected]