Experian Boost can boost credit score especially in vulnerable communities
DETROIT (FOX 2) - This week in Detroit, Experian announced a new service to help millions of Americans boost their credit score.
Credit scores can be mysterious to some, and boosting them and getting them to a positive place can be tricky.
"A lot of the scoring that go into credit scores up until now are things that when times get rough we maybe put off," said Hill Harper, actor, philanthropist and author. "But the things we always pay particularly in our community, our cell phone bill, our light bill, certain utility bills, we don't get any credit for it traditionally."
But with Experian Boost you do. You can sign up to have utility and telecom bills you pay for tracked, and if you pay on time, your credit report could improve. But that information is put only into your Experian credit file.
FOX 2: "Do you think it will help you?"
"Yes I'm signing up," said Matt Evans.
Matt Evans says he didn't see his overall score go up when he joined, but he's got more credit history now.
"That's great. I'm trying to continuously build this," he said. "Over a long period of time to make sure I address these issues."
Your credit score isn't who you are. But it can impact what you can do, especially in the most vulnerable communities.
"There's no question there's a lot of stress in our communities there's a lot of violence. A lot of young men and young women are suffering from PTSD," Harper said. "Money is one of the biggest stressors, period. Let's talk about it, let's figure it out, let's come up with solutions."
FOX 2 reached out to a financial expert who said there are upsides to the program but also said there are reasons certain credit standards are established. He worries that it is possible people's credit scores could be artificially inflated leaving them possibly open to predatory lending.
Learn more here: www.experian.com/boostamerica