Using Azibo Credit Boost and Experian Boost to Improve Your Credit Score
As you embark on the journey toward financial stability, you may be wondering where to start in improving your credit score.
Azibo Credit Boost and Experian Boost are powerful tools that can help you take control of your financial future.
With Azibo's rent reporting feature and Experian Boost's ability to add positive payment history for utilities and telecom bills, you can increase your credit score without having to change your spending behavior.
By using these two services together, you can potentially unlock access to better loan terms and approval for credit applications, which can save significant costs over time.
In this article, we'll explain what a credit score is and how it impacts your ability to achieve your financial goals. We’ll also provide an overview of Azibo Credit Boost and Experian Boost and discuss the benefits of using both together.
What is a credit score, and why is it important?
A credit score encompasses a person's creditworthiness in a numeric format. This three-digit score spans from 300 to 850 and depends on multiple variables like payment history, credit utilization, credit history, and credit duration.
A credit score is an essential piece of information for lenders, banks, and other financial institutions when deciding whether to approve a loan, credit card application, or any other financial product.
A good credit score demonstrates responsible financial behavior, such as paying bills promptly and managing credit wisely. This, in turn, can positively impact other aspects of life, such as securing an apartment lease, obtaining insurance coverage, or even landing a job. The higher the score, the more likely a person is to be approved for credit and the better terms and interest rates they can receive.
What is Azibo Credit Boost?
At Azibo, we understand the importance of establishing or building your credit history, which is why we offer tenants Credit Boost, our rent reporting tool.
Despite rent payments being a major monthly expense, they are typically not included in credit reports — but rent reporting fixes that. Rent reporting is the process of sharing your on-time rent payments with the credit bureaus to help demonstrate your financial responsibility, which boosts your credit score.
If you pay rent through our platform, Azibo can quickly and seamlessly report your on-time rent payments to credit bureaus — Equifax and TransUnion. This can improve your credit score and possibly unlock financial opportunities.
How to sign up for Azibo Credit Boost
Azibo Credit boost is available to tenants currently paying their rent through Azibo.
To sign up for the service, log in to your Azibo account, click on the Credit Boost feature, and select a monthly or annual payment plan.
Once Credit Boost is activated, Azibo will begin reporting your rent payments to the credit bureaus, helping to improve your credit score.
It is important to note that Azibo only reports positive scenarios that could benefit your credit score (e.g., on-time payments).
For a limited time, Azibo is offering a 3-month free trial of Credit Boost. After the trial, it’s just $4.99 per month — which is especially affordable when you consider the savings you’d incur by having a higher credit score.
What is Experian Boost?
Experian Boost is a free online tool offered by Experian, one of the three major credit reporting agencies in the United States.
The service allows individuals to potentially improve their credit scores by adding positive payment history from utility and telecommunications accounts to their credit report. This includes payments for services such as electricity, water, gas, internet, phone bills, and more.
Experian Boost also recently added the ability to report rent, but not all rent payments are eligible. To qualify, your rent must be paid online to certain property management companies or platforms, and not through mobile payment apps like Venmo or Zelle.
Experian Boost analyzes an individual's bank account data to identify eligible payments for utility and telecommunications accounts. The identified information is then added to the individual's credit report, which has the potential to increase their credit score. This, in turn, may provide access to better credit products.
This feature may pull payment data as far back as 24 months, but, like Azibo Credit Boost, won't report late payments or other negative information that could lower your credit score.
The service also provides routine 30-day Experian reports, FICO® Score updates and complimentary credit monitoring notifications for any modifications to your Experian credit report.
How to sign up for Experian Boost
Experian Boost is free. To sign up for Experian Boost, connect your bank account(s) used to pay your bills and select the data you want to add to your Experian credit file. Note that the name on your utilities account needs to match the name on your Experian account — so if you’re on your parents’ cell phone plan, or your partner pays the electricity bill, Experian Boost won’t be able to report those payments on your account.
Combining the power of Azibo Credit Boost and Experian Boost
By combining the capabilities of Azibo Credit Boost and Experian Boost, renters can gain a valuable advantage in their efforts to improve their credit scores.
Renters utilizing Azibo to pay rent can use Credit Boost to report on-time rent payments to all three of the major credit bureaus — Experian, Equifax, and TransUnion — potentially improving their overall credit score.
Meanwhile, Experian Boost focuses only on a consumer's Experian credit score by reporting on-time payments for utilities, internet and phone services, and eligible rent payments. By connecting their bank accounts to the platform, consumers can quickly see if they qualify for these additional credit factors.
Together, these complementary services can help you maximize multiple strategies to improve your credit score.
Additional tips for increasing your credit score
Whether you're just starting to build credit or you're looking to improve your financial situation, there are several additional strategies that you can use to keep your credit score healthy. Some examples are;
- Pay bills on time: Late payments will have a negative impact on your credit. Ensure you pay your credit card bill — and all bills, for that matter — on time to maintain a good credit score.
- Keep credit utilization low: Your credit utilization ratio — or the total amount of credit you use compared to the total credit available to you — is an important factor when determining your credit score. Keeping your credit utilization low can help maximize your credit potential.
- Monitor your credit report: Regularly checking your credit report can help you stay on top of your credit score, as well as identify any errors or dips and take steps to correct them.
- Don't close old credit accounts: Closing your oldest bank or credit card accounts can shorten your credit history, negatively impacting your credit score. Instead, keep old credit accounts open and use them occasionally to show that you have a long history of being a responsible borrower.
How Azibo Credit Boost and Experian Boost work together
Azibo Credit Boost and Experian Boost are two powerful tools that can help you improve your credit score.
Combining Azibo's capability for reporting on-time rent payments to major credit bureaus with Experian Boost's feature of adding positive payment history for utilities and telecom bills will help you demonstrate a well-rounded financial history. These services are easily accessible and you can sign up for them for free or at a low monthly cost.
In addition to these tools, you can use several other strategies to maintain a healthy credit score, such as keeping your credit utilization low, paying your bills on time, and monitoring your credit report regularly.
By taking steps to improve your credit score, you can unlock more opportunities to achieve the financial stability you deserve.