Experian Boost: How to instantly improve your credit score

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Consumer credit reporting company Experian has a great product called Experian Boost that helps you to improve your credit score instantly.

And it might be perfect for those who don’t do a lot of borrowing.

All you have to do is sign up for a free Experian account, and then connect your current account with the service.

How Experian Boost works

After you connect your bank account, Experian will scan it for deposits and expenditure to build up a more accurate picture of your income and spending.

There are a few spending areas that it will look for, including payments into savings and investment accounts, council tax payments, and bills including water, gas, electricity and even for mobile phones.

But it may surprise you to learn that subscriptions to services such as Netflix, Spotify and Amazon Prime are also included in this.

Basically, it’s looking for evidence that shows you’re spending within your means each month.

How to sign up for Experian Boost

Probably the best thing about Experian Boost is that it’s completely free to use.

You can sign up for free over at Experian’s website.

Your bank has to support something known as Open Banking for Experian Boost to work, but most major players do.

Some building societies don’t, so that’s worth bearing in mind.

Should you sign up for an account?

Having a good credit score is essential for getting a mortgage.

Lenders will also take your credit score into considerations for every other kind of borrowing, whether it’s a new credit card or a personal loan.

The better your credit score or credit history, the more likely a lender will lend you money – you’ll get better rates too.

Traditionally, having a credit card that you pay off in full each month is seen as a good way to build up your score – but not everyone wants to get one or can get one that suits them.

Experian Boost is a way to improve the odds without any additional spending – for some, it can be a key step in getting on the credit ladder.

Are there any downsides to Experian Boost?

It’s worth bearing in mind that using Experian Boost doesn’t automatically mean an improvement to your ratings.

Your credit score can go up as well as down.

Lenders will also be able to see your boosted score so will take that into consideration for their lending decision.

Some lenders for example won’t use the higher score given by Experian Boost at all.

Anything else?

Experian is just one of three major credit ratings companies that lenders use when accessing you against their lending criteria.

If your lender uses TransUnion or Equifax for example, having a good credit score with Experian but not the other two won’t help you.

So no, having a good credit score on Experian doesn’t automatically mean better access to better loans or credit cards.

Still, if your credit score is middling to poor, it’s worth signing up for a free account to see where and how you could improve.

This post was originally published in November 2020. It was updated in August 2024.

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