INDIANAPOLIS (WTHR) — You’ve likely seen commercials and testimonials for Experian Boost, but is this the right method to improve your credit?
WTHR’s Carlos Diaz talked with InCreditable Advisors’ Miguel Silva to find out if you can actually boost your credit rating with the new, highly advertised credit bureau.
While the service may be good for some, Silva explained how there are more downsides to be aware of when using Experian Boost to repair your credit for free.
- Easy boost for bad credit or thin credit
- Privacy and security concerns – you have to grant access to your personal bank accounts
- No guarantee credit score will improve
- Only 5 to 10 percent moved up by 10 points on average
- Only affects Experian FICO 8, no impact at all on Equifax or TransUnion
Silva said there are measures you can practice to boost your credit without using a service to do the work for you.
Silva did recommend five tried-and-proven methods of building credit:
- Check for errors on your credit report
- Get a secured credit card and or both a Merchandise Line of Credit
- Get a Credit builder loan
- Keep credit card balances below 10 percent of available credit
- The Obvious – Pay your bills on time
Click here to learn more about services and information available through InCreditable Advisors 317.202.1297