Experian Boost is a simple service that uses open banking to show lenders your ability to make regular payments outside of credit cards and loans, for example council tax payments etc:
- Experian Boost Function: It’s a tool to instantly raise your credit score in the UK.
- Account Connection Requirement: Users must set up or log in to an Experian account and connect their current account.
- Criteria for Boost: Looks for trends showing strong payment history, like regular payments into savings or investment accounts and timely payments for Council Tax, Netflix, or Spotify subscriptions.
- Maximum Score Increase: Can raise the credit score by up to 101 points.
- Impact on Credit Score: Connecting to Boost will never decrease your score.
- Availability: Experian Boost is free for all customers.
- Eligibility: Requires a current account with a bank or building society.
- Data Usage for Boost Calculation: Uses data from up to 12 months to calculate the Boost.
- Lender Access to Boosted Score: Participating lenders receive a summary of the data used for the Boost score when users search or apply for credit.
- Not Universally Effective: Not all credit scores will increase with Boost, and not all lenders use it.
- Company Information: Experian Ltd is authorized and regulated by the Financial Conduct Authority and is based at The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ.
