Experian Introduces Video Streaming Payment History Option to Improve Credit Scores
Last month, Experian announced that consumers can add video streaming payment history to their credit reports through Experian Boost, Experian’s consumer credit product that launched in 2019. Television streaming has increased by 85 percent since the onset of the COVID-19 pandemic, so Experian used these evolving habits to help improve consumers’ credit scores.
“There is no doubt the pandemic has had an impact on the financial health of consumers,” said Jeff Softley, D2C president of Experian Consumer Services. “By giving consumers greater control, Experian Boost and our new finance tools help consumers not only gain access to quality credit but also help millions of Americans with broader financial recovery.”
Consumers will benefit from paying their video streaming bills on time, and will also receive recommendations for other telecom accounts they may not have qualified for in the past.
When consumers add accounts, they can expand their positive credit histories, which ultimately increases their credit scores. Consumers who used Experian Boost saw an average increase of 13 points to their credit scores.
“Experian Boost has proven to help consumers struggling to improve their credit score see immediate and meaningful increases,” said Bill Cheeks, member of the Experian Consumer Council. “By giving people more control over their credit, Experian is helping people take charge of their financial future.”
Sharing payment histories to an Experian credit file also benefits lenders, as they can make more informed decisions when choosing potential borrowers. Only positive payments are accumulated through the platform, and consumers can remove data from their credit file when they choose.