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Industry News: Mortgage lenders begin to factor Experian Boost in applications – Find out how this free service can improve your chances

Experian

Instantly improve your score with Experian Boost

“Simply set up or login to your Experian account and connect your current account. We’ll be looking for trends that show strong payment history, such as paying into savings or investment accounts regularly and generally paying your Council Tax, or even you” Click to read original article >>>

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.
Author: Stuart Phillips

Author: Stuart Phillips

Fully CeMap qualified, Directly Authorised by the FCA and with over a decade of experience, Stuart has a wealth of experience in both specialist BTL and residential mortgages.

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