Experian's Boost now shows UK renters and buy now, pay later users how those habits may look to lenders, and lets tenants add rent to their credit reports.
Experian has added rent and buy now, pay later (BNPL) to Boost, its product for people in the United Kingdom. The aim is to show users how those habits may look to a lender. The company announced the update in a news release on Monday, Nov. 9.
The updated Boost is meant to show users the financial information lenders look at when they review a credit application. Experian says lenders increasingly look beyond a credit report to build a broader picture of an applicant.
Boost will show how rent payments, BNPL commitments and household bills could affect a person's financial profile before they apply for a loan, credit card or mortgage. BNPL lets shoppers split a purchase into smaller payments.
Experian says adding rent could raise a tenant's credit score and give them greater access to credit.
The release, as reported, does not say what Boost costs or when the new features reach users. It also does not say how much a score might change, or which lenders will use this information. Those details matter before anyone relies on it to apply for credit.
If you rent or use buy now, pay later in the UK, check how those habits may look to a lender before you apply for credit.
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