Experian is an example of a company that has the ability to improve on an individual’s credit score just for signing up. But, how does this become something that users can rely on? What are reasons that Experian can be a reputable company, even though there is hardly any recognition behind how they function? Experian has such a large impact on the credit score of anyone who enrolls in guidance. Going through exactly what Experian does for its customers provides an element of clarity, encouraging more people to know how to get started.
When considering the benefits of boosting your credit score, one of the main factors that applies to having a strong credit score is making on time payments. Making consistent, on time payments for any bill that needs to be paid will slowly and exponentially increase the credit score of the individual making those payments. However, the difficulty in making each payment on time is the varying dates, amounts, and recurring times. For instance, some bills such as subscriptions and energy bills could be recurring monthly, but other things such as rent and insurance could be recurring monthly, at a different date than the first. This becomes a problem for people, especially due to the fact that it can be challenging juggling different bills on different days. With this ongoing confusion, this is where Experian steps in.
Experian is a credit boosting app that combines some of the monthly payments a user makes into the same day. With this new integration, Experian brings all of the applicable bills together, causing the user to pay once, and not worry about that payment for another 30 days. In some cases, Experian will go into someone’s credit history, and combine bills. Some bills, such as water, energy, utility, and phone bills can be assimilated into one. Because Experian does this for the customer, when those recurring payments are made on time, the credit score of the individual goes up. But how?
Experian uses this idea of combination payments to secretly boost the users credit score in a genius way. When someone pays for one bill, the reflection of the credit score is a minor change. Sometimes there will be a 3 point increase, other times there’s no change. This is based on the amount of money paid, and the consistently on-time payments. With Experian, the amount of bills that come together not only minimizes the times to pay bills, but also maximizes the payment made once. When this payment is made, it is a much larger increase from the previous statement, thus increasing the customers credit score instantly.
With an Experian boost, customers are able to lessen their worry about multiple days to pay bills, while growing their credit score throughout a once a month bill. Though this bill will be more expensive, it is also the only time money is due that month, urging the customer to save throughout the rest of the month. Experian increases credit score while making little changes.