Aspiring homeowners might be able to improve their chances of getting a mortgage with by using Experian Boost to improve their credit score. One lender is already onboard with this and it wont be long until the rest of the market follow suit and work with Experian and connect to their free Boost service.
Experian Boost allows people to potentially ‘boost’ their credit scores by using open banking to assess the last 12 months of payments such as council tax, and subscriptions to streaming services. By allowing your clients to provide further proof that they have a track record of keeping up to regular payments, we hope this will make home ownership a reality for even more people.
During testing it was announced that 7.5% of the applicants to that lender would have gained an improvement in their credit score by using Experian Boost.
This boost will particularly help younger borrowers, first time buyers and anyone on lower incomes who face the toughest challenge to prove their ability to repay. Often through no fault of their own, these groups can struggle to build a good credit score because they need to spend most of their earnings on rent and other regular payments. Indeed, the vast majority of existing Boost users are renters.
We hope more lenders jump on this, but for now it is just the one, but it is a well know lender with a great reputation!
Customers can opt-in and out of the boost service at any time and the service is completely free. More information can be found at https://www.experian.co.uk/consumer/experian-boost.html.
Get in touch if you would like more information.
*Not all credit scores will increase with Experian Boost. Not all lenders factor Experian Boost into mortgage.
17/05/2023
Aspiring homeowners might be able to improve their chances of getting a mortgage with by using Experian Boost to improve their credit score. One lender is already onboard with this and it wont be long until the rest of the market follow suit and work with Experian and connect to their free Boost service. Experian Boost allows people to potentially ‘boost’ […]
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