Experian has announced that it wants access to view people’s bank accounts. It
For instance, Experian wants to look at your cell phone payment, your utility bill, your Xfinity bill, and possibly your rent payment.
They’re calling this new program “Experian Boost.”
Their excuse for gaining this extra access into your personal life is that they claim it will improve credit scores for people who have thin credit, meaning not much credit.
But here’s the problem…
The Experian Boost program uses the FICO Score 8 model, which mortgage lenders consider outdated and don’t even use anymore. Mortgage companies are using FICO10. So this spy action won’t help you qualify to buy a home.
The good news…
is that you must give Experian permission in order for them to access your bank accounts. No permission from you = no spying by Experian.
This new “pioneer program” (as Experian likes to brag) is scheduled to come out in 2019.