"If we don't change direction soon, we'll end up where we're going."
There's a new way to instantly boost your credit score
Source Date:
Wednesday, February 6, 2019
A new credit assessment program could help millions of Americans instantly improve their credit scores, simply by adding data from their checking account.
Consumers who choose to use Experian Boost (an online platform set to launch early this year) give the company permission to access their online banking accounts to look at utility, cable TV and phone payments for the past 24 months. The entire process should take about five minutes and the updated FICO score is delivered to the potential lender instantly.
“It’s the first time that consumers have been able to do this,” said Jeff Softley, chief marketing officer for Experian Consumer Services. “This record of recurring payments will build out a consumer's positive payment history and length of credit, so the majority of people who use the product will see an instant improvement in their credit score.”