WINTER PARK, Fla. (FOX 35 WOFL) - Your cell phone bill could help boost your credit score.
It's called the 'Experian Boost.' It is a way for Experian, one of the three big credit reporting agencies, to determine your credit score based on your bill paying habits.
Consumers can sign up for the program by allowing Experian to track payment history. You have to link the bank account you use to make phone and utility payments. You also have to give Experian access to your bank information.
George Janas, the President of Consumer Debt Counselors in Winter Park, says that it could be a major benefit to consumers with a low score or no score at alk, He says that "some of that banking information is going to start giving more information that may assist in showing good spending and management habits for people who might not have a good score."
Experts say there are at least 50 million families in the U.S. who have no credit score at all by giving Experian access to a bank account. Consumers could see an immediate boost to their score.