Your cell phone bill will soon affect your credit score, meet Experian Boost

Your cell phone bill will soon affect your credit score, meet Experian Boost
Wrapped in a pretty marketing package, a new approach to determine your creditworthiness may now include your cell phone and utility bills. The credit score honchos from Experian - you know, the ones who sold consumer data that was subsequently leaked for 123 million US households just a year ago - are now prepared to stalk your monthly carrier and utility bill for data on how trustworthy you are. Oh, the irony.

The Marketed as Experian Boost, the tool will become active next year, and is apparently going to be a godsend for people who can't get loans or credit cards, at least according to Experian:


To participate in the credit bonanza, interested individuals will have to opt into the system, and allow Experian to access the bank accounts from which they pay cell phones, cable TV, landlines and other recurring bills. 

"This is about access to credit—not expansion of credit," according to Experian, but, given that the move will potentially give lenders the green light for additional loans to more than 47 million people in the US, your cell phone bill could soon be impacting your creditworthiness, too.

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16 Comments

1. AngelicusMaximus

Posts: 599; Member since: Dec 20, 2017

You might want to correct your article, Daniel. It wasn't Experian that had the huge data breach last year. It was Equifax. Also, it was 143 million people. I know because I was one of them.

5. Daniel.P

Posts: 126; Member since: Jul 14, 2011

I'm talking about the Alteryx data breach, it used Experian's "ConsumerView" product for marketers with all the individuals' data that could be crosschecked with web advertisers or voter registration rolls. But yes, the Equifax one eclipsed that by a mile :)

6. AngelicusMaximus

Posts: 599; Member since: Dec 20, 2017

My apologies, Daniel. I wasn't aware of that one.

2. darkkjedii

Posts: 30681; Member since: Feb 05, 2011

Nosy ass financial institutions.

4. Venom

Posts: 2838; Member since: Dec 14, 2017

P. S. Experian is a consumer reporting agency, not a bank.

7. darkkjedii

Posts: 30681; Member since: Feb 05, 2011

Nosy ass financial institutions.

12. Venom

Posts: 2838; Member since: Dec 14, 2017

Let me get the coloring books and crayons.

15. darkkjedii

Posts: 30681; Member since: Feb 05, 2011

Nosy ass financial institutions.

3. Venom

Posts: 2838; Member since: Dec 14, 2017

No thanks. I don't need these guys looking at my phone bill.

8. AngelicusMaximus

Posts: 599; Member since: Dec 20, 2017

They look at so many things already (credit cards, student loans, car loans, installments, etc), so what difference does it really make? Besides, if you pay your phone bill on time, it will only help anyway.

10. middlehead

Posts: 420; Member since: May 12, 2014

Them already having tons of information they shouldn't have doesn't mean we need to give them more.

13. AngelicusMaximus

Posts: 599; Member since: Dec 20, 2017

Agreed, but I've never paid my phone bill late in 15 years of having cell phones, so it would only help my credit score. That being the case, I'm all for it.

9. p51d007

Posts: 697; Member since: Nov 24, 2013

Mine is already at 811 because I've always paid my bills on time, so this might boost it even more ;)

11. zennacko unregistered

Is it possible to opt out of the credit system (aka "information brokers") completely? I'm trying to keep my data as private as it gets, and everyone seems to be too... porous with all those holes and leaks of people's lives (credit, financial, social...)

16. ZombieHunter

Posts: 263; Member since: Oct 13, 2013

No, your DATA is already out there and is traded freely. But, cancel your credit cards, pay off all debts and start paying cash for everything and it will reduce your footprint and their access to your life.

14. theot14430 unregistered

Just pay your bills on time, and never have to worry.

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