Boosting your credit score often requires months of responsible financial behavior. But a new tool from Experian – one of the three major credit bureaus – enables you to instantly add utility and cellphone payments to your credit report, potentially increasing your credit score and helping you pay less to borrow.
The platform, called Experian Boost, becomes available in January for those on the credit bureau’s early access list and will roll out to everyone in the following months, the company said Tuesday.
The tool is the first of its kind, according to Experian, and provides a way for people to immediately shape their creditworthiness. Typically, it can take months of making on-time payments to meaningfully improve a credit score, while one slip-up can do instantaneous damage.
“We estimate about 100 million consumers are excluded from mainstream credit and are paying more to borrow,” says Brian Cassin, Experian’s global CEO. “This gives people an opportunity to change that, and we believe many will benefit from a higher credit score, better access to financial products, often at a cheaper cost.”
Read more in USA Today.