What are Experian Boost, UltraFICO, and eCredable?
Experian Boost, UltraFICO, and eCredable are tools designed to help consumers improve their credit scores by taking into account non-traditional credit data.
How do they work?
- Experian Boost: Experian Boost allows consumers to add their utility and telecom payment history to their credit report, potentially boosting their credit score. This tool is free to use and can be a quick way to improve credit without taking on additional debt.
- UltraFICO: UltraFICO takes into account banking information, such as checking and savings account activity, when calculating a credit score. By linking their accounts, consumers can potentially increase their credit score, especially if they have a history of responsible banking behavior.
- eCredable: eCredable is a service that allows consumers to build a credit profile based on alternative credit data, such as rent and utility payments. This can be especially helpful for those with thin credit files or no traditional credit history.
Which one is right for you?
- If you have a history of on-time utility and telecom payments, Experian Boost may be the best option for you.
- If you have a strong banking history but limited traditional credit, UltraFICO could help improve your credit score.
- If you have thin credit files or no traditional credit history, eCredable may be the tool you need to establish a credit profile.
Common questions about these tools
- Are these tools safe to use? Yes, all three tools have security measures in place to protect your personal information.
- Will using these tools guarantee an increase in my credit score? While using these tools can potentially boost your credit score, there are no guarantees. Your credit score is determined by a variety of factors.
- Are there any fees associated with using these tools? Experian Boost is free to use, while UltraFICO and eCredable may have fees depending on the services you choose.
