Experian shakes up Boost service – could it improve your credit score?
Josh is an award-nominated journalist with nearly a decade of experience, including writing for national newspapers. A data whizz, he specialises in covering personal finance and investing.
Paying your rent and household bills on time could now help to improve your credit score, following changes to Experian's free Boost service.
The credit reference agency has expanded the service – designed to help people understand and improve their credit scores – to take account of more everyday financial activity.
Experian claims seven in 10 users will see an immediate score improvement, as well as potentially benefiting from lower annual percentage rates (APRs) on loans. Users will also receive free, personalised guidance on improving their credit eligibility.
Here we explain what’s changing and whether it will affect your credit score.
What is Experian Boost?
Boost is a free service, also available as a mobile app, that allows you to connect your Experian account to your regular bank account.
The service analyses account information, including regular payments and spending, to build a clearer picture of how you manage your money. This information can then be used to improve your credit score.
According to the credit agency, Boost may improve your eligibility for credit offers because it gives lenders a better picture of your finances.
- Find out more: what is a credit report?
How is Boost changing?
Experian has expanded its Boost system in several ways, including the range of financial information it shares with lenders. Here are the key changes:
- In addition to council tax and digital subscriptions, Boost now takes into account your rent payments, 'buy now, pay later' purchases, household bills and gambling debts.
- Your score can now go down as well as up, whereas previously Boost could only make your score go up.
- Boost users will be given explanations on what caused their score to change.
- Free, personalised guidance on how to improve your score.
If you subscribe to Experian’s paid-for CreditExpert service, you'll get access to an expanded version of Boost. This will show you exactly how many points your score gained or lost, alongside tailored suggestions for improving it.
The new system began rolling out on 9 November, and all users can access the service by the end of the month.
Boost can only be linked to your banking current account for now, but Experian plans to introduce credit card spending data in 2027.
- Find out more: how to improve your credit score
How will this affect my credit score?
Experian claims 71% of Boost users should see a positive change to their score, while 29% will see their score go down. The average uplift will be about 35 points, while the average for those who see their points drop will be about 33 points.
The credit reference agency also claims the changes could help you access loans with lower annual percentage rates (APRs). It says customers could also unlock two to three better offers through its credit comparison service.
However, a higher credit score doesn't guarantee you'll qualify for a cheaper loan. Lenders use their own criteria to decide whether to offer you credit and what interest you'll pay.
Experian says the changes reflect how lenders are increasingly looking beyond traditional credit reports to get a fuller picture of people's finances.
Edu Castro, managing director of consumer services at Experian, said: ‘We're putting more power into people's hands by giving them greater understanding of the financial behaviours that can influence access to credit.
‘The latest Experian Boost update helps positive financial behaviours, such as paying rent and household bills on time, work harder for consumers. For some people, that could mean access to lower borrowing costs and savings of hundreds of pounds each year.’
- Find out more: best credit cards for bad credit
What other credit agencies are there?
There are several credit reference agencies in the UK, but lenders mainly use three: Experian, Equifax and TransUnion.
You have the right to access your statutory credit report for free, which shows the credit information an agency holds about you. You can also pay for more detailed reports or use free app-based services.
The information in your credit report can vary between agencies because lenders don't necessarily report to every credit reference agency. Each agency also uses its own method to calculate the consumer credit score it shows you, so your scores can differ.
It's therefore worth checking your credit reports with more than one agency to get the fuller picture of your credit history and spot any errors.
