By Ann Carrns Published 3:24 pm PST, Monday, December 24, 2018 A big credit reporting bureau is taking another step to allow people with scant or marred credit histories to improve their odds of getting loans and credit cards. Experian, one of the three major credit bureaus, said that in January it will start Experian Boost, a free, optional service that lets consumers supplement their credit report with information about their history of paying utility, cable and cell phone bills. The extra information may help improve consumer credit scores, the three-digit numbers that lenders use to decide whether borrowers are likely to repay loans. Traditional credit reports include your history of paying credit card bills and loans but typically don’t include data on these kinds of bills unless the accounts are delinquent. The new service aims to reward consumers who pay those bills on time, said Gregory Wright, chief product officer with Experian’s consumer bureau. The service could potentially benefit millions of consumers who have “thin” credit files — meaning they have few credit card or loan accounts on their reports — or are considered “subprime” borrowers, with scores too low to meet many lenders’ requirements. There’s a catch or two:… Read full this story
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