Experian Boost is a free service offered by Experian, one of the three major credit bureaus in the UK. It allows you to improve your credit score by adding your regular payments for utilities, telecoms, streaming services, and rent to your Experian credit report12.
Your credit score is a number that reflects your creditworthiness and how likely you are to repay your debts. A higher credit score can help you get better deals and terms when you apply for credit products, such as loans, mortgages, or credit cards. A lower credit score can make it harder or more expensive to borrow money.
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Your credit score is calculated by Experian based on the information in your credit report. Your credit report is a record of your credit history, which includes your personal details, your current and past credit accounts, your payment behaviour, and any public records, such as bankruptcies or court judgments.
There are many factors that can affect your credit score, such as:
- Your payment history. This is the most important factor in your credit score. It shows whether you have paid your bills on time and in full every month. Late or missed payments can lower your credit score and stay on your credit report for up to six years3.
- Your credit utilisation. This is the percentage of your available credit that you are using. For example, if you have a credit card with a £1,000 limit and a £500 balance, your credit utilisation is 50%. A lower credit utilisation shows that you are managing your credit well and not relying too much on it. A higher credit utilisation can lower your credit score and indicate that you are struggling financially4.
- Your credit mix. This is the variety of credit types that you have, such as loans, mortgages, or credit cards. A diverse credit mix shows that you can handle different kinds of credit responsibly and can boost your credit score. However, this does not mean that you should apply for more credit than you need or can afford.
- Your credit history length. This is the average age of your credit accounts. A longer credit history shows that you have more experience with credit and can improve your credit score. However, this does not mean that you should keep old or unused accounts open just to increase your credit history length.
- Your new credit inquiries. This is the number of times that you have applied for new credit in the past 12 months. Each time you apply for new credit, a hard inquiry is recorded on your credit report, which can lower your credit score temporarily. Too many hard inquiries in a short period can indicate that you are desperate for credit or a higher risk borrower.
Experian Boost can help you increase your credit score by adding positive information to your payment history and lowering your overall credit utilisation. It works by connecting your current account to Experian and scanning it for regular payments that are not normally reported to the credit bureaus, such as:
- Payments into investments and savings accounts, such as ISA and monthly saver accounts
- Council Tax payments
- Digital subscriptions like Netflix, Spotify or Amazon Prime
If you have been making these payments on time and not spending more than you earn, Experian Boost will add them to your Experian credit report and recalculate your Experian Credit Score instantly12.
To use Experian Boost, you need to sign up for a free Experian account and follow these steps:
- Connect your current account in a few quick and easy steps. You can use the Experian app or website to access your account. Your information is protected and Experian does not store your bank login details.
- Select the payments that you want to use for Boost. Experian will detect the payments that qualify for Boost and show you how they affect your Experian Credit Score.
- See your results instantly. You will find out right away if your Experian Credit Score has increased and by how many points.
You can also manage your Boost settings at any time by logging into your Experian account or app. You can add or remove payments, change the current account that you use for Boost, or turn off Boost altogether.
Experian Boost is safe, free, and easy to use. It can help you improve your Experian Credit Score instantly and show lenders that you are a responsible borrower. However, not all lenders use Experian Credit Scores or consider the payments that are used for Boost when making their decisions. Therefore, Boost may not guarantee approval or better terms for every credit product.
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