Understanding the Monthly Cost of Experian Boost- A Comprehensive Breakdown
How much does Experian Boost cost per month? This is a question that many individuals looking to improve their credit scores are asking. Experian Boost is a credit monitoring tool offered by Experian, one of the three major credit bureaus in the United States. It allows users to add their bank account information to their credit report, which can potentially increase their credit scores. In this article, we will delve into the cost of Experian Boost and explore the benefits it offers.
Experian Boost is a free service for Experian credit report subscribers. If you already have an Experian membership, you can add your bank account information to your credit report without any additional cost. However, if you are not an existing subscriber, you will need to sign up for an Experian membership, which comes with a monthly fee.
Experian Membership Plans and Prices
Experian offers different membership plans, each with its own set of features and costs. The cost of Experian Boost depends on the plan you choose. Here are the current pricing options for Experian memberships:
1. Experian CreditWorksSM Premium: This plan costs $19.99 per month and includes Experian Boost, along with credit monitoring, score alerts, and access to your full credit report.
2. Experian CreditWorksSM Plus: Priced at $14.99 per month, this plan provides credit monitoring, score alerts, and access to your full credit report but does not include Experian Boost.
3. Experian CreditWorksSM Free: As the name suggests, this plan is free and offers basic credit monitoring and score alerts. However, it does not include Experian Boost or access to your full credit report.
Benefits of Experian Boost
While the cost of Experian Boost may vary depending on your membership plan, the benefits it offers can be significant. By adding your bank account information to your credit report, Experian Boost can help you improve your credit score in several ways:
– Positive Payment History: Experian Boost considers your payment history with your bank accounts, which can help you build a positive payment history if you have limited credit history.
– Increased Credit Utilization: By including your bank account information, Experian Boost may help increase your credit utilization ratio, which is a factor in credit scoring.
– No Credit Card Required: Unlike other credit-building methods that require a credit card, Experian Boost allows you to build credit without taking on additional debt.
Conclusion
In conclusion, the cost of Experian Boost varies based on the Experian membership plan you choose. While it is a free service for existing subscribers, non-subscribers may need to pay a monthly fee ranging from $14.99 to $19.99. Despite the cost, the potential benefits of Experian Boost, such as improved credit scores and increased credit utilization, make it a valuable tool for those looking to enhance their financial standing. If you are considering Experian Boost, weigh the costs against the potential benefits to determine if it is the right choice for you.
