The new platform to help those without credit
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Having a credit history is necessary for taking on some of life’s biggest projects, like renting an apartment, applying for your first mortgage, taking out a car loan, or even applying for a new job. Yet many Americans fail to achieve these milestones because they lack credit.
According to research by Experian, almost 50 million consumers have no or limited credit history. If you’re in this boat, you may already be familiar with the term reserved for those with no credit history, which is sometimes referred to as “invisible credit.”
The good news is that things are changing for this consumer segment. With the recent launch of Experian Go™, a free tool offered by the credit bureau, you can create a credit report and obtain a credit score in just minutes.
Once you download the Experian Credit Report mobile app, you will be asked to enter some personal information (first/last name, phone number, current address, date of birth, and last four digits of social security) to register to a free Experian membership. . Experian will then ask a few questions about lines of credit already in your name, such as an old car loan or student loan. As it generates a credit report based on your information, Experian will offer personalized recommendations on how you can add to your credit report and ultimately build a credit score that lenders can use to approve you for important financial products.
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Experian Go’s personalized recommendations to help you build your credit
So you can be well on your way to establishing and growing your credit, The Experian Go tool will provide suggestions such as becoming an authorized user on a family member’s credit card or applying for a new credit card for beginners – it recommends certain cards based on your credit profile. (Experian may have partnerships with the products they suggest.)
Experian will also introduce you to Experian Boost™, a free feature that lets you add your cell phone, internet, cable, utilities (gas, electric, water) and streaming payments like Netflix®, HBO™, Hulu™ and Disney+™ to your Experian credit file. Once you connect your bank account to Experian Boost, it will scan your statements to identify these recurring bill payments. It will then ask you to approve their addition to your credit report and then you can automatically see an increase in your credit score.
Experian Boost is great for those with no credit history because it allows bill payments you’ve already paid to be reflected in your credit profile. According to Experian, early analytics show that 91% of consumers with no credit history who connect to Experian Boost can become assessable within minutes with an average starting FICO close to first.® Rating of 665.
On Experian’s secure site
Average increase in credit score
10+ points, although results vary
Affected credit report
Credit score model used
Part of your Experian membership also includes access to articles on improving your credit, as well as credit monitoring tools and more.
How to check your credit score for free
Experian Go users will have 24/7 access to their credit score, specifically the FICO Score 8 model. FICO has over a dozen credit score versions, but FICO Score 8 is the version most widely used by lenders and is generally the best to check to get an overall idea of where you stand.
However, you do not need to be an Experian member to access your credit score for free. Many banks and credit card issuers provide cardholders with their credit score, but this varies. Some issuers, such as Citi and Discover, provide free FICO scores, while others, such as Chase and Capital One, provide your free VantageScore.®. FICO and VantageScore will pull your credit score from one of three major credit bureaus: Experian, Equifax, or TransUnion.
There are also free credit score resources that anybody can access, regardless of whether they hold a credit card. In addition to Experian Boost, there is the following:
These resources also provide an overview of key factors affecting your credit score, simulators on how certain actions can affect your credit, and helpful tips for improving your credit score. And if you want more information on credit scores, be sure to check out the ultimate beginner’s guide to credit scores so you can better understand and improve yours starting today.
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Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.