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My Credit Plan Blog

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More and more consumers are seeing that they have to exit Experian’s Boost program because it is lowering their FICO® credit scores? Why?

Experian claims Boost is the consumer’s answer to raising their FICO credit scores. There are several problems to their claims. Let’s go through them one by one.

Boost only impacts Experian FICO Credit Scores

Experian Boost is Experian’s program to improve credit scores. Unfortunately, there are three major credit scores; the Experian Classic FICO Credit Score, the Equifax Classic FICO Credit Score, and the TransUnion Classic FICO Credit Score. They are used by all mortgage lenders, and most credit card and auto lenders.

Experian adds utility payments to a consumers Experian’s credit report. It does not impact the Equifax credit report and the TransUnion credit report. So, it only impacts one of the three major credit scores. What respectable program only impacts one of the three major credit scores? That’s a problem.

Failure to Analyze Your Credit Situation

Experian Boost simplies adds utility accounts to whoever signs up for its program. It adds several new utility accounts. What if you do not need them to improve your FICO Scores? Answer? You FICO Scores will then drop. There is no analysis on your credit report to see if that is what you need. Most will not see any good results for some time. Over a year or longer, the scores may start to improve.

For this reason, it is not worth simply throwing new utility accounts on your credit report.

Dropping Your FICO Scores

For many consumers, enrolling into Experian Boost will drop their Experian FICO Scores after enrollment. Why? There are a couple of critical factors. First, the number of accounts with a balance in a credit report is a huge factor in a FICO credit score. Many times, we have had to have clients drop out of Experian boost to get an improvement in their Experian FICO Scores. Experian will not tell consumers that problem.

Going into a program just because it is advertised is never a respected solution. Experian Boost has it drawbacks and they will never tell you that. Realize that you are not really going to see dramatic improvements – something over 50 points will be very unusual.

My Credit Plan averages a 81 point improvement because it analyzes your credit report and identifies specific things to address. The strategies found with My Credit Plan are not found with any other program. After a complete analysis, you can make quick credit score improvement by identifying correct steps to follow. That is the when you will see much better success.

  

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