2. “How to Use Experian Boost to Improve Your Credit with Cellphone Payments”

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How to Improve Your Credit Score With Your Cellphone Bill

Your cellphone bill can help you build credit and improve your credit scores, but only if your payments are reported to at least one of the credit bureaus: Experian, TransUnion, or Equifax. Even if your account isn’t being reported, it’s crucial to stay current on payments. Falling behind could result in your account being sent to collections, which can negatively impact your credit.

How to Sign Up for Experian Boost

Experian Boost is a free feature that allows you to add eligible cellphone accounts and payments to your credit report. Here’s how to get started:

1. Create a free Experian account. This feature is available with both free and paid Experian accounts.
2. Go to the Experian Boost page. Once logged in, navigate to the Credit tab and select Experian Boost under tools.
3. Link your eligible bank or credit card account. Experian uses bank-level encryption to link your accounts securely.
4. Add your cellphone bills. Experian Boost will analyze up to two years of account history for eligible bill payments.

Once added, Experian Boost will show you how the new information affects your FICO® Score 8 based on your Experian credit report.

What Happens When You Don’t Pay Your Phone Bill?

Missing a phone bill can have several repercussions:

• Experian Boost doesn’t report late payments, but your carrier might charge fees and suspend your service.
• Your carrier could send your account to collections, which can hurt your credit score.

Why It’s Important to Build Credit

Building your credit is essential as it can affect your eligibility and offers on new credit accounts, home rentals, security deposits, employment opportunities, and insurance premiums.

Additional Ways to Build Credit

Besides adding your cellphone bills to your credit report, you can improve your credit scores by:

• Making timely payments on current credit cards and loans.
• Paying down credit card balances.
• Applying for a new credit card or a secured credit card.
• Becoming an authorized user on someone else’s credit card.
• Taking out a credit-builder loan.
• Applying with a cosigner.

These methods can help you build credit as lenders and card issuers usually report them to all three credit bureaus. However, managing these accounts well is crucial to improving your credit.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you with all your mortgage requirements.

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