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If you want a high credit score, you can definitely get one. But sometimes you may wonder why it takes so long to create this result. Good news: Experian Boost can be a great way to quickly improve your credit score, but unfortunately it doesn’t always recognize ISPs or phone companies.
However, don’t despair. If Experian Boost does not recognize your data, you can do the following. Keep reading to find out what you need to know.
What is Experian Boost?
Experian Boost allows consumers who do not have a credit card or who have a thin credit history to add positive data to their credit profile as long as they pay their utility and phone bills on time. Basically, you give Experian permission to access your banking information and they get positive payment details. This data is then used to calculate your credit score. Both FICO and VantageScore take this data into account.
What to do if Experian Boost doesn’t recognize your data
We contacted Experian to find out what a consumer can do if Boost doesn’t recognize their utility account. Company spokesman Greg Young said there are two steps you can take.
If your utility bill isn’t identified, Boost will walk you through a question-and-answer session to help determine if your bill qualifies, Yang says.
“For example, an individual may not have made three payments to the account in question in the past six months,” he said. “Also, sometimes the municipality is the recipient of the payment, and bills or payments may not be recognized because they cannot be distinguished from other payments to that municipality,” such as garbage, water, or traffic fines.
Based on your responses, you will receive an explanation as to why the account is not eligible, and you will be redirected to a page where you can submit your account to Experian.
Yang also noted that once you connect your bank account to Experian Boost, you’ll be taken back to its main page, which has a feedback module. The module provides three options, including “some of my invoices are not showing”.
“Choosing this option prompts wording that asks if their account qualifies, providing information that will help the individual make that decision,” Young said. “If a person believes the account is eligible, there is a ‘My Accounts Qualified’ button that takes you to a form where the account information can be sent to Experian.”
Experian Boost isn’t your only option if you’re low on credit data.
The good news is that Experian Boost is not the only option for you or anyone else to improve your credit score.
If you have a thin credit history, even if you’re the most responsible person on the planet with your money, if your financial habits don’t include something that credit reporting agencies can track, your credit score won’t necessarily reflect that well. behavior. Without adequate data to enter into their systems, it simply isn’t enough to produce a great result.
There are several ways to add data to your credit report and improve your score. Here are some of them:
- UltraFICO: This is another free offer that allows you to include checking, savings and cash account details in your credit score.
- Credit line overdraftA: If you have a checking account, you can add overdraft protection. Essentially an unsecured line of credit, this feature comes into play automatically if a check is drawn for an amount greater than the amount in your account. Instead of returning a check, the account uses LOC to pay for the check. This LOC is also reported to the Bureau. The beauty is that you don’t have to go into debt to get positive reporting data.
- Review and correct errors: Did you know that about 25% of credit reports contain errors? This is not surprising, since billions of pieces of data end up in credit files every day, so some of it is bound to be misplaced. View your credit reports for free at AnnualCreditReport.com and dispute any found errors or outdated items.
- If you are a homeowner, add a line of credit to buy a home.A: As with the LOC above, this is reported whether you’ve used it or not, but be wary of fees.
Also, keep in mind the five credit scoring factors. Credit scores are built on five factors. Here are some quick tips for each evaluation category:
- payment history: Pay all your bills on time. Pay before invoicing. Pay in full.
- Credit useA: Try to keep your balance below 25% of your credit limit. Top scorers use 7% on average, according to FICO, but a monthly full balance payment is ideal.
- Credit historyA: If you’re young or have a thin file, there’s not much you can do. However, if you are added as an authorized user to an account with a long and positive history, you can renew your history overnight.
- Credit mix: This refers to the types of accounts you have. Add a line of credit, a furniture installment loan, and possibly your next car purchase to get a raise. If you don’t already have a home and are planning to buy one in the near future, a mortgage should help you in this category.
- New loan: It may sound like a catch-22, but adding more credits will lower your score… at first. But then it will go up as more positive data comes into your account (including total available credit and your timely payments). So, take one step back to get a bunch forward.
bottom line
If Experian Boost is not recognizing your data, there are ways to fix this problem. In the meantime, try building your score in other ways like the one above. If you start improving your score in the traditional ways, and Experian Boost recognizes your providers, you will likely get good credit quickly.
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