Company committed to helping millions of U.S.
renters instantly improve their FICO® Score with Experian
Boost®
In a move to help millions of U.S. renters improve their credit
scores, Experian® today launched a beta release of Experian Boost®1
that allows consumers to contribute qualifying, “positive”
residential rent payments directly to their Experian credit file.
This capability makes Experian Boost the only feature that can
instantly improve a consumer’s FICO® Score 82 through positive rent
payments at no cost.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220907005460/en/
Experian Helps Consumers Use Positive
Rent Payments to Build Credit (Photo: Business Wire)
“Experian Boost is a gamechanger and we’re excited to launch the
first phase of this new enhancement that will allow consumers to
instantly add rental payments to their Experian credit file,” said
Jeff Softley, president Direct to Consumer, Experian Consumer
Services. “We are committed to continually improving Experian Boost
to bring financial power to all.”
Based on preliminary analysis3 highlighting the potential impact
of positive residential rent payment reporting through Experian
Boost, Experian estimates:
- 66% of consumers will see an instant increase to their FICO®
Score 8
- A FICO® Score 8 improvement of nearly 10 points on average for
those who receive a boost and are new to using Experian Boost
- Consumers who receive a boost with thin credit files or low
FICO® Scores see an improvement of approximately 14 points
- An average improvement of nearly 19 points for new users who
see a FICO® Score 8 improvement when positive rent payments are
combined with other eligible payments for Experian Boost, such as
telecom, utilities and video streaming services
Reporting positive rent payments through Experian Boost: how
it works
With the beta release, consumers who rent from over 1,500 of
some of the largest U.S.-based property management companies, and
who pay their rent directly to their property management company or
through platforms like AppFolio Property Management, Buildium®,
Yardi® Breeze and Zillow® Rental Manager, can add qualifying
positive rent payments to their Experian credit file through
Experian Boost.
Once a consumer creates an Experian account and enrolls in a
free or paid Experian membership, the consumer can opt-in and allow
access to the checking, savings or credit card accounts used to pay
rent so that Experian can identify residential rent payments within
the qualifying amount range. Once three qualifying rent payments in
the last six months are verified by the consumer, with at least one
in the last three months, they can be added to the consumer’s
Experian credit file, assuming they don’t already have rent on
their credit file through Experian® RentBureau® or an active
mortgage tradeline. The whole process takes less than five minutes.
Once connected, future qualifying rent payments can be
automatically added to a consumer’s Experian credit file.
New property management companies and payment methods will
continue to be evaluated and added during the beta release.
Experian also plans to add individual landlords and smaller
property management companies over time.
Experian Boost: three years of meaningful impact
Since launching in the spring of 2019, 8.6 million4 consumers
have instantly improved their FICO® Score 8 with an average
increase of 13 points by having their positive telecom, utility and
video streaming service payments added to their Experian credit
file through Experian Boost. While not all users receive an
increased FICO Score, the free feature has added a total of 88
million points to FICO Scores nationwide. Those with limited credit
histories and FICO Scores below 620 have seen the most benefit with
an average FICO Score 8 improvement of nearly 17 points for
subprime consumers and nearly 20 points for those with thin credit
files (among users who see improvement).
Experian analysis shows members’ FICO® Score 8 continues to
improve over the course of an Experian membership, even after
boosting. In fact, members who initially received a boost saw their
FICO Score 8 continue to improve by an additional 9 points on
average over the next 12 months.
Experian was the first major credit reporting agency to include
rent payments in consumer credit reports and has a longstanding
history supporting the use of positive rent payments. In 2010, the
company acquired RentBureau, which provides consumers another
avenue to report positive rent payments to Experian through their
landlord, property management company or a third-party rent
reporting service.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian trademarks used herein are trademarks
or registered trademarks of Experian and its affiliates. The use of
any other trade name, copyright, or trademark is for identification
and reference purposes only and does not imply any association with
the copyright or trademark holder of their product or brand. Other
product and company names mentioned herein are the property of
their respective owners.
The use of any other trade name, copyright, or trademark is for
identification and reference purposes only and does not imply any
association with the copyright or trademark holder of their product
or brand. Other product and company names mentioned herein are the
property of their respective owners.
FICO is a registered trademark of Fair Isaac Corporation.
____________________
1
Results will vary. Not all
payments are boost-eligible. Some users may not receive an improved
score or approval odds. Not all lenders use Experian credit files,
and not all lenders use scores impacted by Experian Boost. Learn
more.
2
Credit score calculated based on
FICO Score 8 model. Your lender or insurer may use a different
FICO® Score than FICO® Score 8, or another type of credit score
altogether. Learn more.
3
Analysis completed using FICO
Score 8 with Experian data.
4
8.6 million consumers is
reflective of those who have instantly improved their FICO® Score
8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220907005460/en/
Sandra Bernardo Experian Public Relations
sandra.bernardo@experian.com
Experian (LSE:EXPN)
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