HOUSTON – If you are looking to boost your credit score, you may want to sign up for Experian Boost.
The new program lets the credit bureau add data from your checking account into your credit file, like recurring payments you make every month. Your utility, phone and cable payments from the last 24 months could give your score a boost.
You have to opt into the program online by giving Experian permission to access your online banking accounts to look at your transactions. Your FICO score will be updated instantly and sent to potential lenders.
When you sign up, Experian will alert you when the program is ready. Keep in mind, not all lenders use Experian.
They may pull your credit score from another bureau altogether. In those cases, Experian Boost wouldn't actually help you.
An NBC article has some tips on other things you should take into consideration when deciding if this is right for you.