Here’s how it will work: If you grant Experian Boost permission to search your online banking information for utility bills and telecommunications payment data, that information would then be added to your Experian credit report — making it fair game for both FICO and VantageScore credit scores to consider during their scoring process.
This means that consumers who don’t have a credit card or other traditional means of building credit can nonetheless add some positive data to their credit profile if they have a solid track record of paying utility and phone bills on time.
Experian Boost is also groundbreaking in another way. Traditionally, the information on your credit reports comes from outside sources (e.g. banks, creditors, collection agencies, etc.). This will be the first time YOU will be able to add scorable information to your own credit report.
