In this article:
- How Does Experian Boost Work?
- What Types of Insurance Payments Qualify for Experian Boost?
- What Other Bills Are Eligible for Experian Boost?
- How to Get Credit for Insurance With Experian Boost
Experian Boost®ø is a free feature you can use to get credit for the bills you already pay, which could help you increase your credit scores. Now, you can add monthly insurance bills (excluding health insurance) to Experian Boost to build even more positive payment history.
Anyone with a history of making on-time bill payments can benefit from Experian Boost, and it's especially good for those with little to no credit history. Here's what you need to know about adding qualifying insurance payments to your credit history, plus more on how Experian Boost helps you take control of your credit.
How Does Experian Boost Work?
Paying your bills on time can be an indicator that you're on top of your finances. But, normally, utilities and other monthly bills don't factor into your credit scores—in general, only debt payments are reported to the three credit bureaus (Experian, TransUnion and Equifax).
Experian Boost is a feature that could help you improve the FICO® Score☉ based on your Experian credit report by giving you credit for monthly bills, including eligible utility, internet, streaming, rent and other payments. Now your insurance payments could boost your credit scores instantly too.
Experian Boost gives you the ability to add qualifying bill payments to your Experian credit report, which in turn allows them to contribute to your FICO® Scores based on Experian credit data. When lenders request your FICO® Score based on your Experian credit report, the bill payments you've added through Experian Boost will reflect in your FICO® Score.
As an added bonus: Experian Boost only considers positive payment history so late (non-credit) bill payments cannot hurt your FICO® Score.
What Types of Insurance Payments Qualify for Experian Boost?
You can use Experian Boost to get credit for insurance payments you make each month, including auto insurance, life insurance, homeowners insurance, renters insurance and pet insurance. Health insurance payments are not eligible for Experian Boost.
What Other Bills Are Eligible for Experian Boost?
When you connect your bank or credit card account(s) to Experian Boost, your transactions will be scanned for qualifying bill payments. Experian Boost looks through two years of payment history, and qualifying bills will need to have at least three payments made in the past six months—including one payment within the past three months.
Beyond insurance, here are other bills that are currently eligible for Experian Boost:
- Mobile and landline phone
- Internet
- Cable and satellite
- Gas and electricity
- Residential rent that you pay online
- Video streaming services
- Water
- Power and solar
- Trash collection services
How to Get Credit for Insurance With Experian Boost
You can add your insurance payments to Experian Boost the same way you do other bill payments. Here are steps to follow.
- Connect your bank accounts. You can connect any account you use to pay your bills. Experian Boost uses multi-layered security technology, including bank-level SSL encryption, to ensure your data stays safe.
- Select which bills you want to use. Once you connect your account, Experian Boost will scan your transactions through up to two years' payment history and identify eligible bills. Then, it'll prompt you to select which bills you want to add to your Experian Boost list.
- See your results instantly. Those who receive a score increase will see the results instantly. Experian Boost users who see an improvement receive an average FICO® Score increase of 13 points.
- Keep the ball rolling. Once you receive credit for your eligible insurance and other bill payments through Experian Boost, your thicker Experian credit file could help you qualify for more credit offers with better rates. Responsibly using debt can help you continue to grow your positive credit history over time.
The Bottom Line
Try Experian Boost to see how much you can improve your credit with the on-time payments you're already making. That makes taking control of your credit and improving your long-term financial health a breeze. And while anyone may be able to improve their FICO® Score using Experian Boost, those with little to no credit or poor to fair credit scores tend to see the largest improvement.
