Experian Boost improves credit scores for the self-employed

Experian Boost for the Self-Employed

Why Experian Boost?

Experian Boost is a revolutionary new tool that makes it easier than ever for self-employed individuals to access credit. This service helps self-employed individuals to create a more complete picture of their credit history, by allowing them to add their business income, utility, and telecom payments to their credit report, which can help boost their credit score. By linking their accounts to Experian Boost, the tool will automatically detect payments and add them to their Experian credit report. 

Additionally, it can also help save money in the long run by improving credit scores, which allows them to qualify for lower interest rates on loans. This innovative tool provides self-employed individuals with a way to demonstrate their positive financial actions in a way that traditional methods don’t allow. Follow our blog for more information on credit reporting.

New to Self Employment? Experian Can Help.

The tool is especially useful for those who are just starting out in their business and don’t have an established credit history. This is beneficial for self-employed individuals as they typically have difficulty accessing credit due to the lack of traditional income history. Experian Boost allows individuals to keep track of their credit score and view progress in real time. 

This makes it easier to identify areas of improvement see how their credit score is changing over time. Overall, this is an incredibly useful tool for self-employed individuals who are looking to increase their credit scores. Follow our blog for more information on credit reporting.

I’m Self-Employed. How Do I Set Up Experian Boost?

Using Experian Boost is simple and straightforward. All that is needed is to link a bank account to the Experian Boost system. This will allow Experian to access the bank account and scan for utility and telecom payments that have been made in the past. Once the payments have been identified, they will be added to the individual’s credit report and can help to increase their credit score. The data used to calculate the credit score is updated monthly, so the person’s score can continue to increase as they make timely payments on their utilities and telecom bills. This helps to show lenders that the self-employed individual is a reliable borrower which can help them access credit more easily. Experian Boost is free, easy to use, and does not require any additional fees or commitments. This may not be the only way to raise credit scores, but it is an effective and efficient way to do so. 

In addition to helping self-employed individuals improve their credit, Experian Boost also helps to make the credit reporting process easier. Before Experian Boost, self-employed individuals had to manually provide their bank statements to the credit bureaus in order for their income to be included on their credit reports. 

With Experian Boost, this process is automated, saving self-employed individuals time and effort. Even more so, Experian gives you a very detailed list of every financial action you’ve made in the past seven years that counts towards your credit, along with tips for improving your score outside of the Boost feature. Follow our blog for more information on credit reporting.

Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.