Could your client's credit score be mortgage-ready with Experian Boost?
Some first time buyers have a strong track record of managing regular payments, but those payments don't always count towards their credit score. Experian Boost could help change that - it looks at everyday payments, such as council tax and subscriptions, to potentially improve a client's credit score when applying for a mortgage with Leeds Building Society.
What is Experian Boost?
Experian Boost is a free service that uses open banking to look at the last 12 months of regular payments from a client's current account. If the information helps, it can be used to potentially improve their credit score.
Why it matters for brokers
It means brokers have another option to discuss with clients who may be close to meeting lending criteria but need their credit score to better reflect how they manage regular commitments.
- It's free for clients to use
- Clients can opt in and out at any time
- The updated score is available instantly (and needs to be done prior to DiP)
Getting started with clients
Experian Boost could be a useful conversation starter for clients whose regular payment history is stronger than their credit score suggests. It can sit alongside our other options designed to support first time buyers and clients with more complex needs, such as Start Mortgage and Income Plus.
More info can be found at https://www.experian.co.uk/consumer/experian-boost.html
The option to include Experian Boost in credit scores with Leeds Building Society relates to residential mortgage applications only.