Streaming payments to be used to improve credit scores

The service, Experian Boost, is the first in the UK, and it is estimated that 17 million UK customers will benefit from it.

The free service will mean customers can voluntarily add new relevant and real-time information via open banking. This includes general information, such as total incomings and outgoings, as well as a range of regular payments, not traditional, factored into credit scores.

At launch, Experian Boost will take into account regular payments to council tax, savings and investments, and digital entertainment services such as Netflix, Spotify and Amazon Prime.

Experian explained that the maximum amount people can improve their score by is 66 points, and that no one will see their score go down as a result of signing up to Experian Boost.

Personal finance expert from MoneyComms, Andrew Hagger, said: “I’m sure many customers will welcome the opportunity to boost their credit score in the current difficult financial climate.”

Clive Lawson, managing director for consumer service at Experian, said: “Access to credit is critical to keeping the economy going. By giving consumers more ways to improve their credit score, they are empowered to present the best possible version of themselves when applying for credit. Meanwhile, by providing broader, deeper insight into financial and credit histories, Experian Boost helps ensure lenders can provide affordable credit to more people.”

Experian Boost will be discussed on 24 November at the Utilities and Telecoms Conference.