“Invisible credits” can create credit scores instantly
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- The new Experian Go service allows the “credit invisible” to create a credit report instantly.
- You’ll get actionable steps to building your credit score, like becoming an authorized user on a credit card.
- You can also link bank accounts and use recurring payments like streaming services to boost your score.
- Read more stories from Personal Finance Insider.
Experian, one of the three major US credit bureaus, just launched a new free program called Experian Goto to help “credit invisibles” – those with no credit history – build their credit scores. .
How Experian Go works
Experian Go allows users to create their own credit report by linking bank accounts to Experian and demonstrating a positive payment history.
To get started, download the app and create a free account with Experian. You’ll then access your dashboard where you’ll find actionable steps you can take to build your credit score, like getting a credit card or becoming an authorized user on someone else’s card.
Experian Go also offers Experian Boost for users with little or no credit. Experian Boost lets you link your bank account and choose which account to pull your payment history from. Experian will search for cell phone, video
, utility payments and more to factor into your credit score.
Read more: Experian Boost review
After linking your accounts, you will receive a credit score within minutes. Experian Go will show you various options for building your credit, such as which credit cards you are likely to be approved for.
Why building credit is important
According to Experian, nearly 50 million consumers have limited or no credit history, which can create various financial barriers. Banks and lenders check credit scores to determine if you are a reliable borrower before agreeing to offer you a loan, and your credit score may even be part of the criteria when looking to rent a house or apartment.
Not only does a good credit score make it easier to get a credit card, mortgage, or car loan, but a good credit score can lower your interest rates every time you take out a loan. .
For students, immigrants, and others with no credit history, getting started can be a challenge. But with tools like Experian Go, secure credit cards, and becoming an authorized user, you have the ability to overcome the initial hurdles.