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For too long, consumers had little control over the subtleties of their credit scores. One forgotten payment dings a score by 10 points. Signing up for a department store credit card can take it down by 20 points. Most Americans don’t learn how to build their credit until they learn their credit score is so low, they have to pay far more than others for a car or home loan.
Waiting to check your credit score until you’re in the mortgage broker’s office is like showing up at the marathon after sitting on the couch for the previous six months. Why not condition for optimal performance now?
The good news is that there are now two, brand new programs that give you extra control over the key number that reflects your financial responsibility. These programs come from credit bureau Experian and credit analyst FICO (FICO uses Experian, TransUnion and Equifax to calculate your score. The credit bureaus do not calculate the score.)
Experian Supports the Consumer, Finally!
The Experian Boost program lets consumers report their on-time utility, phone and cable payments. Demonstrating reliability in making these payments can help a borrower improve how a credit bureau perceives his or her trustworthiness. While this idea may seem new to you, alternative lenders have used information from monthly bills for a few years now with great success. It allows them to make more loans and broaden their businesses with little increased risk. It turns out that those who prove they pay these typical monthly bills are good credit risks, even if they’ve forgotten a payment or picked up a new credit card.
Experian claims that of those who have tried the program so far, 64 percent have raised their credit scores.
To get started, all you need to do is give Experian access to your bank account. They need to see your payment history. Once this connection is made, you can calculate your score right away. Experian predicts that eight million Americans could move from poor to fair or fair to good credit with this new program. With better credit, they are more easily able to qualify for apartments, insurance, credit, mortgages and loans. It should only take a few minutes to set up and will jump start your credit repair efforts!
FICO Finds Its Heart, too
As with Experian Boost, FICO’s UltraFICO links with your checking, savings and money market accounts. It reads whether you:
In other words, it monitors your banking habits. FICO estimates that 15 million Americans can raise their FICO scores by opting into UltraFICO. This program will be available soon. You can sign up to be notified when they’re ready to take your bank information.
Safety in these Two Programs
Today, Americans are more concerned about safety and privacy than ever. Experian and FICO have the most secure systems in the world. Both new programs involve sign-in verification, during which consumers grant read-only permission to connect to their online bank accounts. All of this information is encrypted so that no individual at either entity can know bank details. The algorithms crunch numbers and data. Use the links above to advocate for your credit worthiness and finally have some sway over your credit score.
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