Tuesday, September 27, 2022

What Credit Card Companies Use Experian

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My Second Experian Boost

What Is Experian Boost & How Does It Work? (EXPLAINED)

Fast forward to June 2020, and Id moved again. My Experian app sent me a notification that it was time for me to check my updated score. I didit went from 645 to 648. I was about to close the app and try to be excited about my 3-point gain, when I noticed that Experian was asking whether I wanted to confirm new utility payments it found on my bank account eligible for Boost. Of course I did!

I had been paying my utilities for over three months now, so they could count toward my FICO score with Boost. I confirmed the payments and raised my score by 9 extra points to 657.

That felt wonderful. Gradually, my FICO score was climbing higher and higher. And one , one and one new credit card later , I got to 667 this January.

I was getting so close to good credit.

Which Credit Bureaus Banks Check

When you apply for a credit card, the issuer contacts a credit bureau to purchase a copy of your credit report. Included in your report are the five categories mentioned above.

Youll notice one credit-report category, which counts for 10% of your score, is called new credit. If you have too many credit applications opened within a short period of time, it may affect your credit score negatively.

Imagine the following scenario: Youve filled out several applications for new credit in the last 12 months. These applications show up on your credit reports as hard inquiries and could potentially damage your credit scores.

You then decide to apply for another new credit card. In addition to your score potentially taking a hit, you might experience another dilemma. The bank processing your application might be concerned about why youre applying for so much new credit in a short period of time. As a result, theres a chance you could be turned down for a credit card even if your credit score is in good shape.

Knowing which credit reporting agency card issuers use to pull reports might help you avoid this problem. By understanding this concept, you can time your applications in such a way that you improve your approval odds for the credit cards you want.

Unfortunately, credit card companies dont openly reveal which credit bureau they favor. However, there are online resources that gather customer feedback to gauge which issuer uses which credit bureau.

How We Found The Data

Banks, lenders and credit card providers are a mysterious bunch. They dont like to reveal where they pull your credit from. The data we researched from CreditBoards.com was made publicly available by consumers who also applied for credit through Citi, a site where people can submit the results of their credit applications.

The data we found gave some thorough insight into Citis preference for using Experian over TransUnion and Equifax over the last two years.

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How Can You Get Your Experian Credit Scores

If youd still like to access your Experian credit score, you can find it for free in several places.

Experians free CreditWorks Basic service updates your credit score every 30 days. Experian also operates freecreditscore.com, another place where you get your free Experian FICO score once a month.

Some banks and credit card issuers, like Discover, also offer complimentary Experian-based FICO® credit scores.

And if youre willing to pay, Experian and FICO both offer premium services through which you can access your credit scores on a more regular basis. These services offer other benefits, too, such as access to your credit reports and credit- and identity-theft monitoring and support. But we believe strongly that you should never have to pay to access your credit scores or credit reports.

How To Check Your Own Credit Reports

Experian Credit Expert App

We recommend that you retrieve your credit reports for free through AnnualCreditReport.com.

This is not a website that will charge you in the future or collects credit card information for a subscription service.

It is the only government-sanctioned website that provides a free credit report directly from each of the three U.S. credit bureaus Equifax, Experian, and TransUnion per year.

I have pulled my credit reports for free for the past 10 years and here are some things to watch for when you are using the website to pull your own reports:

  • Make sure that your personal information is entered 100% accurately or you may be prohibited from accessing your credit reports temporarily.
  • The verification process contains trick questions and answers that may not apply to you at all just answer none of the above where appropriate.
  • Save or print a copy of your credit report immediately after getting it as you may not be able to view it again if you close your browser window.
  • You dont have to pull all three reports at the same time. I like to spread them out every 4 months to keep an eye on my credit.

You can also request your credit report through the phone by calling 1-877-322-8228.

If you prefer mail, you must fill out this form and mail it to:

Annual Credit Report Request ServiceP.O. Box 105281Atlanta, GA 30348-5281

Phone and mail requests will be mailed within 15 days of the request.

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Re: Which Credit Card Company Pulls Experian

Hmmm… I’m sure others will chime in with additional specific advice but basically all companies pull Experian either alone or in combination with Transunion. Very few issuers pull Equifax.

I would advise you to wait until your scores pass 670 the reason is below 670 is considered “Fair” or “sub-prime” and while you will be able to get credit it will be very low limits and/or high APRs. A score of 670 and above is considered good and will open many more opportunities for you.

What Are The 3 Credit Bureaus

Equifax, Experian and TransUnion are the three major credit bureaus in the U.S. According to the Consumer Financial Protection Bureau , credit bureaus are companies that compile and sell .

If you own a credit card or have received a loan in the past, you have already started building your credit history if that information has been reported to one or more of the three credit bureaus.

What About Specialty Credit Reporting?

Besides the three main credit bureaus, Equifax, Experian and TransUnion, there are also specialty reporting agencies that collect much more specific information about you. As the CFPB explains, these agencies might collect data and create reports based on information like apartment rental payments, insurance claims, medical payments and more.

If youâve never heard of these specialty reports, youâre not alone. The CFPB says you might not even know about them unless you find yourself having problems with things like getting a job or renting an apartment.

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How Experian Boost Works

Experian Boost is free to use and there are no existing membership requirements to sign up. To receive a boost, individuals create a free Experian account and navigate to the products page.

From there, users will be prompted to connect the bank account they use to pay their bills. For those wary of granting third-party access to their account, Experian explains that its product can access only read-only data from a bank, and doesnt have access to any of the funds. Once an account is connected, the feature scans transactions for on-time utility, cell phone and streaming video plans, including Netflix, HBO, Disney+ and Hulu payments. Experian needs at least three months of payments within a six-month window.

Experian Boost shows users which bills are pulled and when they were paid. The feature only pulls positive payment history, which means it wont report any negative information that could lower your credit score. Users also have the option to exclude any payments they dont want to be added to their file.

Read More: How to Review Your Credit Report

Which Credit Bureau Does Wells Fargo Use

Experian Secret Lender List

Wells Fargo uses all three major credit bureaus: Equifax, Experian, and TransUnion. Either one or more credit bureaus may be used when evaluating a Wells Fargo credit card application. Cardholder reports suggest the state you live in may factor into which credit bureau Wells Fargo uses when it pulls your credit report.

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Medical Id Reports And Scams

Use your medical history report to detect medical ID theft. You may have experienced medical iD theft it if there is a report in your name, but you haven’t applied for insurance in the last seven years. Another sign of medical ID theft is if your report includes medical conditions that you don’t have.

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All Three Of Your Credit Reports Are Equally Important

The information on your credit reports can be a vital part of your personal finances. Good credit can make it possible not only to obtain new credit, but also to obtain affordable credit.

But, not all credit reports are the same. The information on each of your credit reports can vary based on which bureaus receive reports from your creditors, as well as which bureaus previous lenders have queried in the last two years.

Since you cant always accurately predict which credit report or, in many cases, reports, plural will be used to evaluate your credit risk, its best to ensure you maintain all three of your credit reports to the best of your ability.

You should also endeavor to check all three of your credit reports on a regular basis to look for mistakes, outdated information, or potentially fraudulent accounts. While you can purchase your credit reports at any time, you are also entitled to one free credit report from each bureau once a year through AnnualCreditReport.com.

Polishing Your Credit Report

Experian Credit Expert App

They say you only have one chance to make a good first impression, and nothing could be truer when it comes to your credit. No matter how well-intentioned you are or financially responsible at the core, its the immediate appearance of your credit that a bank or creditor will base its decision on. And if yours isnt the greatest of shape, you could get denied for credit. On top of that, your credit score will take a hit from a hard credit check.

Its time to give your credit a makeover, especially if your goal is to get approved for credit by Citi, or any other financial providers with high credit standards. Making changes to your credit behavior is a key step since itll reflect positively on your credit report. But youll also want to remain watchful of your actual credit report because it could contain erroneous or outdated info that can inadvertently hurt your credit against your best wishes.

Here are some steps to take:

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How Much Can Experian Boost Improve My Credit Score By

Of the 1.3 million Americans who have used Experian Boost since it launched at the end of 2018, 61% of them saw an improvement in their FICO scores, according to Experian data . Consumers who used Experian Boost experienced a 13-point increase on average.

The increase is more significant among customers who already had fairly low credit scores. For Experian Boost users who had a FICO Score of 579 or below, the average increase was 21 points.

The increase is also significant for users with thin credit files . Eighty-seven percent of thin-file consumers who used Experian Boost saw their FICO Scores increase, and those consumers saw an average increase of 19 points.

Experian Boost only considers positive payment history, so late payments on your added accounts will not negatively affect your credit scores.

How To Improve Your Credit Before Applying For A Credit Card

There are different steps you can take to improve your credit before applying for a new credit card. Depending on why you have bad or poor credit in the first place, it could take some time to move into a new . However, here are some actions that can help:

  • Pay down current credit card debt.
  • Get a new credit card, only use a small portion of its credit limit and make at least the minimum payment on time.
  • Open a and make on-time monthly payments.
  • Rehabilitate defaulted federal student loans.
  • Use Experian Boost to add on-time phone, utility and streaming service payments to your Experian credit report.

You may also want to review your credit reports for erroneous negative marks. Disputing errors could get the negative marks corrected or deleted, which could help your credit scores.

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Why Do You Have Different Credit Scores

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Itâs important to note that information in each credit bureauâs report might be collected from different sources. This is why you may find that one credit bureauâs report has certain information that the others donât, and that can result in a subtle difference in your credit scores.

Whatâs a Credit Scoring Model?

A model might use information from just one or a combination of different credit reports. Then, each credit scoring model might assign different levels of importance to that information. Credit scores generally range from 300 to 850, and your score may depend on information like your payment history, total outstanding debt and credit mix.

Typically, higher credit scores allow you to access credit cards or loans with better terms. According to the CFPB, your score can even change depending on the day itâs calculated or the type of credit youâre applying for. Thatâs because there are many different credit scoring models for different types of loans that might rely on different sources of information.

Some lenders might even have their own custom credit scoring models that they use to make credit decisions.

Itâs understandable if this all feels a little complicated. But remember: Your credit scores can be different depending on the information used, the company, the type of loan and the time when your score is calculated.

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No Creditor Uses Equifax Data Alone All The Time

A creditor never uses the same credit bureau because everything varies according to geographic location or product. In other words, the choice is up to the conditions of the moment. There is no way of knowing which credit bureau the issuer will hire in a given circumstance it may choose one or even two or take information from all three.

We must clarify that no issuer trusts only one agency to have data on a person. And when it comes to credit histories, each agency is a specialist in a certain subject. For example, if you want information regarding fraud, Equifax is the expert, but if youre going to know about educational credit scores, TransUnion is a better alternative.

Whether a creditor consults one company or the other depends solely on the questions he wants to resolve. You can choose all of them or check the Equifax data so, based on this thesis, no bank always asks a credit bureau for information.

Who Experian Boost May Be Best Suited For

Experian Boost may be best for an individual who has been making on-time cell phone, utility and/or service payments for some time but has never opened a credit card or another type of loan account.

Experian Boost doesnt work for everyone, though. The free feature is best suited for individuals who pay their telecom, utility or service bills through an eligible account. If the feature doesnt work for you, you can try other methods to boost your credit scores.

Nevertheless, with how fast it is to set up an account with Experian and start the process, it might provide an easy way to raise your credit score by a few points.

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How Does Clarity Services Work To Create Credit Reports

Traditional credit reporting revolves around consumer debts, such as credit cards, student loans or car loans. Clarity Services offers real-time credit reporting based on that information if its available, but it also expands its scope to include a variety of other financial accounts.

Some of the alternative data services Clarity derives information from include:

  • Auto loan financiers
  • Small dollar credit lenders
  • Cellphone providers

Similar to how information is collected for Experians core credit bureau information, financial institutions report payment information and inquiries on loans to Clarity, says Lally.

Lenders can then use the information in a consumers Clarity credit report to make approval decisions when someone applies for a loan or line of credit. It greatly streamlines the credit reporting process for those with scant credit history.

In the past, rent, utility and telecom payment history were difficult to incorporate and relied heavily on manual, paper-based processes, says Malik. With the advent of new technologies, there are no more automated, tech-driven solutions that provide consumer-permissioned access to this information directly from landlords, utilities and cellphone communication providers.

Clarity is not just for lenders, however. Consumers also have access to their credit files and scores through ClarityServices.com. Theres no charge to request your Clarity credit report or score and you dont have to sign up for any ongoing services.

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