You might have seen ads by Experian Boost saying you can instantly increase your credit score by signing up for their new credit program. But before you do, check out these three reasons why it’s better for most people to say No, thanks!
Three Good Reasons to Avoid Experian Boost
- It will have no effect on your mortgage credit score. Mortgage lenders do not use the Experian Boost credit score program.
- Experian Boost does NOT help your scores with Experian or TransUnion. Most creditors pull at least two credit reports and go by the lower score, or they might not use Experian at all.
- The success rate is only 5% to 15%, meaning 95% to 85% of people who use Experian Boost will not see enough improvement to move them into a higher credit category.
BUT WAIT, IT GETS WORSE!
The three reasons above tell you why Experian Boost is a waste of your time, but worse than that is the privacy you are giving up. I’ll explain.
Experian didn’t create Boost out of the kindness of their hearts to help you out. They created it in order to gather more of your private information. When you do the Boost program, you give them access to your personal bank accounts, cell phone account, electric power account. They can now see all your payment activity, debit card activity, everyone you do financial business with, how fast you pay, and more.
Talk about handing over your passcodes and account numbers! That’s what you are doing! And for what benefit? You get a so-called new credit score that doesn’t even mean anything to mortgage lenders or a lot of other creditors.
Please pass on this critical information to other good people so they don’t get “taken in” by those misleading ads. Thank you.