As more folks stay home, streaming services like Netflix have become more popular than ever. While Netflix offers plenty of binge-worthy television shows and movies, it may also provide another new benefit: The ability to increase your credit score. Starting today, you can add your Netflix payment history to your Experian Boost account—which may help lift your FICO® credit score.
Launched in early 2019, Experian Boost offers credit for certain on-time payments—including your cell phone, internet, electric, water, gas, and cable bills. Today’s announcement has also added Netflix to the list.
According to a press release, more than four million people have connected their cell phone and utility accounts to Experian Boost, which has resulted in an increase of over 29 million credit score points. The free service also makes suggestions on which utility and telecom accounts to consider adding.
While Experian’s website says the average user sees their FICO® 8 improve by 13 points, it won’t affect your credit reports for the other two bureaus, Equifax and TransUnion, which also contribute to your FICO® score. Experian Boost offers free access to your Experian credit report and FICO® score, though.
How to connect your accounts
You can start getting credit for your on-time cell phone, utility, and Netflix payments by signing up for a free Experian Boost account. After logging in, you can connect the bank account you have used to pay bills over the past 24 months. You will have the opportunity to pick which on-time payments you would like to add to your Experian credit file. After these following these steps, you will have access to your updated FICO® score.
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Although Experian Boost won’t report on late payments, you should try your best to stay on time with your cell phone, utility, and Netflix bills. Otherwise, these companies may report your late payments to Experian, Equifax, and TransUnion themselves.
