Experian Boost

PRAISETHESUN

JonVarnas said:

Woah, are Experian seriously asking for login details???

Yes and No.

Open banking allows you to give permission to your bank to share info with third parties (TP). Usually this takes place through some sort of API where the TP website sends you to your bank, who authenticates your login and allows you to grant permission to share data,  before passing you back to the TP. It's a secure way to "share" your data with organisations outside of your bank - it's still only your bank who ever knows your security details

JonVarnas

PRAISETHESUN said:

JonVarnas said:

Woah, are Experian seriously asking for login details???

Yes and No.

Open banking allows you to give permission to your bank to share info with third parties (TP). Usually this takes place through some sort of API where the TP website sends you to your bank, who authenticates your login and allows you to grant permission to share data,  before passing you back to the TP. It's a secure way to "share" your data with organisations outside of your bank - it's still only your bank who ever knows your security details

Ooo, I don't like the sound of that.

PRAISETHESUN

It's useful if you actually want to share your banking data with third parties and it eliminates the need to trust anyone else with your password. You have complete control over what gets shared and what doesn't. It's a very powerful way to give you control over portability of your personal data, but you just need to be aware of what you would be sharing if you were to grant permission for someone to access your data in this way.

For Experian, it could be useful if you wanted to demonstrate that you're able to stick to payments that aren't reported to your credit files (eg. rent, utilities, etc) but for me personally that by itself wouldn't be enough to make me want to give them my data.

cymruchris

dr_adidas01 said:

cymruchris said:

Experian Boost is an American thing - it doesn't exist yet in the UK as far as I can see. Their system is different to ours.

Actually it’s not just an American thing it’s appeared on my Experian app this week when my fictional number was updated. 

It hasn't appeared on mine yet - but don't like the sound of it so far. Not that any of us are worried about boosting a score anyway.

Lightning360

So how would signing up to this positively and negatively impact the user? 

[Deleted User]

Negatively, you would hand over a load of data to Experian.

Positively.....nothing.

Lightning360

Deleted_User said:

Negatively, you would hand over a load of data to Experian.

Positively.....nothing.

Why is handing over this data actually bad?

[Deleted User]

If you want them to hold more data on you, then it's good.  But given it won't benefit you, it doesn't seem to be a positive.

Don't be too quick to hand over all your data to anyone who asks for it.

Lightning360

Deleted_User said:

If you want them to hold more data on you, then it's good.  But given it won't benefit you, it doesn't seem to be a positive.

Don't be too quick to hand over all your data to anyone who asks for it.

Why are you so certain that it won't benefit the user at all?

[Deleted User]

Because there's no reason it would benefit the user.