Experian "boost"

Jamesyb123

Deleted_User said:

Jamesyb123 said:

Deleted_User said:

Jamesyb123 said:

They claim that the ‘boost’ information will be passed to companies to assist with obtaining credit which sounds promising but in reality it is likely to just be a data gathering exercise. The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

If my data was scored say 500/700 and I had a boost to 550/700 why is that same data worth 550 now instead? All it proves is that the score is meaningless if it can be increased so the same data is score higher

Yeah that’s what I said so what’s your point? I said the score is irrelevant the discussion is regarding data your post is pointless

You post:
The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

My post explained why this was wrong

I said it could be, how do you know it is wrong? How do you know that they are not passing positive data (nothing to do with the score we all know that’s pony)  to credit card companies or loan companies? Do you work for experian? Did you create this new boost platform? I’m guessing you did as you know it inside out? 

Alex9384

Wait... Those of you who say it has no effect. As far as I know, Experian says to share your bank account data, which includes your payments and probably balances on your current accounts. Do you think it makes no difference if lenders see that you have around 10k on your current accounts at any time, each month, as opposed to someone who comes close to zero each month before receiving their wage (even though they don't use overdraft)?
On a regular credit report, the two people may look the same, because reports don't show how much money you have, only how much you owe. With this additional info, one might look much lower risk than the other since they have lot of free cash as a back up in the case there's any problem.  Am I missing something?

Edit: Doesn't your own bank take into account your savings that you hold with them when you're applying for new credit product with them?