Experian Giving Consumers a Credit Boost for Their Love of Streaming
While increasing video streaming hours during quarantine, consumers can now also increase their credit scores
If you’re among the millions streaming more often during COVID-19, Experian is offering a way to use the leading video streaming service to boost your credit. Building on its groundbreaking consumer credit product, Experian Boost™, the company announced that consumers can add video streaming payment history to their Experian credit reports using Experian Boost. With an 85% increase in television streaming in March 2020 due to the onset of COVID-19, Experian recognized changing habits and strong payment history to continue to help bolster consumers’ credit scores instantly.
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Experian Boost, which launched in early 2019, accepts positive payment history for utility and telecom bills to help consumers increase their FICO Scores. More than four million consumers have connected their accounts, with over 29 million points boosted to date. With FICO Scores, Americans can gain more access to credit with better terms.
“There is no doubt the pandemic has had an impact on the financial health of consumers,” said Jeff Softley, D2C president, Consumer Services. “By giving consumers greater control, Boost and our new finance tools help consumers not only gain access to quality credit but also help millions of Americans with broader financial recovery.”
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Building Credit with Boost
In addition to benefiting from regularly paying their video streaming billsi, consumers who have used Boost will receive recommendations on additional utility and telecom accounts they can add to their credit reports that may not have qualified upon enrollment. As more accounts are added, consumers can build up their positive credit histories, which is a factor that impacts credit scores. On average, consumers who used Experian Boost received a 13-point increase.
“In just over a year, Boost has proven to help consumers struggling to improve their credit score see immediate and meaningful increases,” said Bill Cheeks, president of ABBA Associates, Inc., and a member of the Experian Consumer Council. “By giving people more control over their credit, Experian is helping people take charge of their financial future.”
Contributing payment histories to an Experian credit file through Experian Boost allows lenders to make more informed decisions when considering prospective borrowers. Only positive payment histories are aggregated through the platform and consumers are always in control. In fact, they can remove the data from their Experian credit file at any time.
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