Yes, there are downsides to using Experian Boost. The biggest drawback is that Experian Boost only affects your FICO Score 8 credit score and only when it’s calculated using your Experian credit report, which many lenders will not use.
Downsides to Using Experian Boost
Does not affect most credit scores: Experian Boost only impacts your FICO 8 credit score calculated with Experian data. Your scores calculated based on your TransUnion or Equifax credit report or other credit scoring models are unaffected.
May not count with some lenders: Some lenders may use credit scores that are not affected by Experian Boost. Therefore, when you apply for credit cards or loans, your boosted score may not be considered.
Not all payments are eligible: You can only add the payments Experian deems eligible and asks you to confirm once you’ve hooked up your bank/credit card accounts. Qualifying bills include:
- Residential rent with online payments
- Mobile and landline phone
- Cable and satellite
- Gas and electricity
- Power and solar
- Video streaming services
- Water
- Trash
- Internet
You can check the accounts listed on your credit report and get personalized credit-improvement tips for free here at WalletHub.
This answer was first published on 02/03/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
