The Goldmine Strategy: Unlock Experian's Hidden Credit Boost Hack
By Chris Huntley
Last updated 11/12/2019
Summary: Discover Experian's free tool that can boost your credit score by an average of 13 points in minutes.
Here's the brutal truth about building credit.
Most of the strategies cost either a lot of time or a lot of money.
Credit repair starts at around $100 per month. Or if you want to do it yourself, it can take several hours to send in your dispute letters.
But what if there was a way to improve your credit in minutes?
... and what if it was 100% free?
That's the opportunity you have using Experian's new tool called Experian Boost.
Better Credit in 90 Days!
Open the door to better credit with our "90 Day Credit Sprint." Learn the exact steps to increase your credit score 50 to 100 points in 90 days!
In this post, I'll explain what it is, how to use the tool, and offer all the best practices so you can squeeze 100% of the benefits out of using Experian Boost.
The Goldmine Strategy: Introducing Experian Boost
We call this the Goldmine Strategy because you’re likely sitting on a goldmine you don’t even know about. All you have to do is grab a pick and reap the benefits.
And the crazy thing is, most of you can do this right now, in the next 10 minutes after reading this article, and see a credit boost within minutes!
But I also know FOR A FACT most of you have NEVER heard of this strategy.
In a recent survey conducted by Credit Knocks, we asked 590 young Adults in America aged 20-29 how many of them were paying rent or other utilities. 51% of them were paying rent, and 62% were paying a gas/electric bill.
So WHY am I bringing up your rent and utilities payments in a credit-improvement website?
Because in the Goldmine Strategy, I’m gonna show you how to use these payments to increase your credit score.
You see we’re all aware if we pay our credit card bill, a car loan, or maybe a store card religiously, that gets reported to the credit bureaus and can help our credit score.
But if you’re paying rent or utilities payments like gas, electric or water, and you’re paying on time every month, do you know how much credit you’re getting for that on your credit report?
Image Credit: Giphy.com
… and you’re sitting on a goldmine.
Because you CAN get credit for that.
It’s so simple.
If you want to get credit for your utilities payments, Experian, one of the big 3 credit bureaus, has a service where they allow you to report your bills for free.
Experian has a free service that allows you to report your gas & electric bill payments.
The problem is even though Experian advertises this free service, no one I talk to seems to know about it. In our recent survey, less than half of our respondents knew about it either.
Let's be clear...
Experian Boost should not be some "lesser-known, credit-improvement hack."
Everyone ought to know about it!
How to Use Experian Boost: Easy Steps
To get started, sign up for free, link your account you pay your utilities from, and choose the bill you want to report.
Here are the steps in detail:
1. Sign up for free
Just go to Experian Boost.
The sign up is a breeze.
If you're not already an Experian account holder, you'll need to create an account first.
Note: you need to provide the last 4 digits of your social to sign up!
Next, they'll show your current FICO 8 Score without Experian Boost. When I started, I was at a 761.
2. Link your bank account
Next you'll be able to link your Experian account to a bank account. Please note this ONLY works for bank accounts. If you pay your bills by credit card, Experian will not be able to verify your payments.
3. Confirm payments you want to report
The last step is to confirm the payments you want added to your credit file. You should be able to report:
- gas and electric bill
- solar payment
- phone bill
- and water bill
The general rule of thumb is you want to report all the bills you pay. Experian says they only add positive payments to your credit file. One cell phone company that you can use to help improve your credit with Experian Boost is Gen Mobile.
Note: Once you've confirmed the payments to report to your credit file, they might take a while to get added. In my case, it took a couple hours.
Want another Goldmine Strategy to accompany Experian Boost? Check out this tip:
How Users Get a Credit "Boost"
Here's how it works.
When Experian links up to your bank account, they find all your old utilities bills that were NEVER reported to your credit file.
With your permission, they find and give you credit for payments you’ve potentially been making for YEARS.
The "Boost" comes from the look back.
You need to understand your boost does not just come from your future payments, but they look back. And that’s where the boost comes from. You get all that positive payment history in an instant.
That’s why you see users like this, Hummingbird_52 on Twitter reporting an instant gain of 15 points.
How Much Will My Credit Score Increase with Experian Boost?
Over 1 million Americans have used Experian Boost.
Experian reports that 86% of users with bad credit who signed up for Experian Boost raised their credit and reported an average credit score increase of 13 points!
If you have bad credit or no credit, you can hope for a bigger impact.
- Users with a poor FICO score increase their score by 22 points, on average
- 66% of users with "poor" scores move into the "fair" category after use
- 87% of thin file users raise their score
Experian Score Only:
Just keep in mind the Experian Boost ONLY impacts your Experian score.
Experian will NOT report your utilities payment history to the other big credit bureaus, Equifax and Transunion.
Remember Experian Boost ONLY boosts your Experian score. It does NOT help your Transunion or Equifax scores.
Want More? Cash in on Another Goldmine
If you love the idea of finally getting credit for utilities payments that never helped your credit score, then you'll also love rent reporting.
You don't normally get any credit for on-time rent payments, even if you've made them for years.
But through our rent reporting review, you can check out the best companies to add your rent payment history to your credit file.
Saving the Best for Last?
If you've read about the Goldmine strategy and want more, you might consider our #1 credit-building tip.
It's pretty simple.
Next time you want to buy something on Amazon, buy it from Fingerhut's online store instead. You'll apply for a line of credit and then instead of paying all at once, you'll pay off the item you buy over time. It's a great way to shop for high quality items and build your credit at the same time.
Conclusion - Sign Up for Experian Boost
If you've been making utilities payments for years, you deserve to get credit for that on your credit report.
We highly recommend you sign up for Experian Boost. It's free and takes minutes.
If you're really ambitious, check out rent reporting too. These are a goldmine. So grab your pick and go!