{"id":21416,"date":"2022-11-09T21:37:42","date_gmt":"2022-11-09T20:37:42","guid":{"rendered":"https:\/\/ecreditdaily.com\/?p=9994"},"modified":"2022-11-09T21:37:42","modified_gmt":"2022-11-09T20:37:42","slug":"instant-credit-boost-2","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/loans\/instant-credit-boost-2\/","title":{"rendered":"instant credit boost"},"content":{"rendered":"
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A strong credit score can make a huge difference in your quality of life. However, it can take many years to build a credit score. BFN, one of the three credit reporting agencies, wants to make it simpler. BFN is a feature that consumers can add more data to their credit files to boost their credit scores.<\/p>\n

This review explains how the feature works and what consumers can expect when \u201cboosting\u201d credit scores. Keep in mind that the results of this review may differ from yours.<\/p>\n

Some people may not see an improvement in credit scores, approval odds, or credit scores. Not all lenders use BFN credit files or credit scores that BFN has impacted.<\/p>\n

What is BFN | Credit Boost?<\/h2>\n

Your credit score is based on your payment history. It accounts for 35% of your total score. Credit utilization, which accounts for 30% of your credit score, makes up 30%.<\/p>\n

This product allows consumers to make additional on-time payments through their BFN credit reports by linking their bank accounts. Your credit score can be improved by adding on-time payments to your BFN credit report.<\/p>\n

It\u2019s easy to use BFN for credit improvement. Connect the account you use for qualifying utility, mobile, and video streaming payment payments.<\/p>\n

Connecting the bank account allows users to choose which positive payments these services have made to increase their BFN credit score. You may be able to see the BFN results immediately if applicable.<\/p>\n

People most likely to be benefited have \u201cthin credit histories,\u201d meaning that they don\u2019t have many credit reports to report on-time payments. On BFN\u2019s website, the average user who received a boost in their FICO Score, based on BFN data, increased their score by 13 points. Results may vary depending on your credit history.<\/p>\n

How BFN Works | Credit Boost<\/h2>\n

BFN is entirely free, and you don\u2019t need to be a member to use it. Individuals can create a BFN account to receive a \u201cboost\u201d and navigate the product page.<\/p>\n

Users will then be asked to connect their bank accounts to pay their bills. BFN informs those hesitant about allowing third parties access to their performances that it can only access read-only data from a bank and does not have access to any funds.<\/p>\n

After an account has been connected, the feature scans transactions to determine any streaming video plans (e.g., Netflix, Disney , and Hulu). BFN requires at least three months\u2019 worth of payments in six months.<\/p>\n

BFN allows users to see which bills have been pulled and when they were paid. This feature will only report positive payment history. It won\u2019t report any negative information which could affect your credit score. You can also choose to exclude payments from your file.<\/p>\n

Online Green Day\u2019s Downsides<\/h2>\n

BFN is a wonderful feature for consumers with weak credit scores, but it\u2019s not perfect. These are some of the drawbacks to BFN:<\/p>\n