Last updated on January 13th, 2021
Experian Credit Boost is a unique feature that allows people to raise their credit scores instantly. Now, Experian is increasing the ways to boost your score by introducing on-time Netflix payments as a factor. Here’s what you need to know about how on-time Netflix payments can raise your FICO Score with Experian Boost.
Netflix Added to Experian Boost
Starting July 27, Experian Boost has added Netflix a reporting option to its popular tool. Consumers who use the streaming service can have their on-time payments counted towards their Experian Boost – instantly raising their FICO Score.
What Is Experian Boost?
What exactly is the Experian credit score boost program? Experian Boost is a free service that allows consumers to instantly improve their FICO Score by adding phone bills, utility bills, and other monthly payments to an Experian account. Other financial products, like Western Union money orders, do not apply. Over four million Americans have already taken advantage of the Boost service, with 13 points being the average credit score jump.
To use Experian Boost, a consumer needs to do the following:
- Connect any banks accounts they use to pay their monthly bills
- Choose and verify the positive payment data they want Experian to include
- Get their instant credit score boost
Using Experian Boost along with other credit repair techniques can be the perfect way to significantly raise your credit score in a matter of months. This process involves opening more credit with a credit card for bad credit, paying off the balance fully, and applying for Experian’s credit score boost program.
Related Article: How to Raise Your Credit Score By 100 Points Fast
“The Right Time for a Service Like This”
Netflix currently boasts over 73 million subscribers in the U.S. alone, making the addition to Experian Boost a welcome sight for many credit-conscious consumers.
“We know consumers are watching more television, and we also know that many consumers are also cutting cable and moving to streaming services, so it’s the right time for us to look at including a service like this,” Jeff Softley, D2C president at Experian Consumer Services, said in an interview with CNBC.
Other Ways to Raise Your Credit Score
While Experian Boost offers a quick way to raise your credit score, other methods provide more dramatic – and lasting – results.
One of the best ways to significantly raise a credit score is by decreasing credit utilization. Credit utilization – or credit use – accounts for 30% of a person’s FICO Score. Keeping credit use below 10% can have an even bigger impact on a credit score in as little as a month.
Reducing credit utilization is most effective when combined with on-time payments of revolving accounts. Payment history makes up 35% of a FICO Score, making it the most influential component in calculating the number.
Combined with products like Experian Boost, the best option for raising a credit score by as many as 100 points in a month includes:
- Reducing current debt levels
- Paying all bills on time
- Increasing available credit by applying for a secured card or an “instant approval” credit card
- Requesting credit limit increases from current lenders
Experian is a multinational consumer credit reporting company. Experian is also one of the three major credit reporting bureaus, which includes Equifax and TransUnion. The company collects and aggregates financial information from over 235 million U.S. consumers and over 25 million U.S. businesses.
Related Article: How to Repair Your Credit from Your Couch