If your current FICO credit score is lower than you’d like, you probably already know that it can hold you back from receiving manageable interest rates on credit cards, vehicle loans and other types of loans. Traditionally, raising your credit score can take considerable time and effort. This leads some consumers to try “quick fix” credit repair or debt settlement solutions, which may not ultimately leave them any better off.

But now there are two new ways to potentially raise your credit score, based on your own positive financial habits. Both are free and easily accessible online, anytime. Let’s take a look at Experian Boost and UltraFICO.  

Experian Boost ™

What it is

Experian (one of the three major credit reporting bureaus) is now offering consumers the option of including the payment records of utility bills and cell phone bills into the data that makes up a credit score.

How it Works

Consumers visit the Experian website and sign up for Boost. The process takes just a few minutes and involves linking the bank account used to pay bills. The Boost program scans the account for regularly paid bills and factors in the on-time payment records. Once the program identifies the eligible payments, consumers have the option of which ones to include or exclude.

Does it Guarantee a Higher Score?

While many consumers instantly see a higher Experian credit score, some consumers will not see an immediate change. It all depends on your own payment history.

However, continuing to build a record of on-time payments should help the score increase over time. And consumers have the freedom to turn off Boost and restart it again whenever they want.

Anything Else?

Keep in mind that Experian is just one of the three major credit reporting agencies. So while your Experian score may increase, your FICO score may not match it since that’s based on an average of your scores from all three agencies.

Experian Boost is available now.

UltraFICO

What it is

UltraFICO is an opt-in program that links to your checking, savings and/or money market accounts. It looks for positive financial habits, such as no overdrafts, maintaining a savings balance, and long-term account history, and factors them into your FICO score.

This can help a wide range of consumers, including those with no (or a minimal) credit history, to establish or increase their FICO score.

How it Works

Consumers will visit the UltraFICO website to opt in to the program. The, they will link their chosen bank accounts. Similar to Experian Boost, the system will scan the accounts for certain transactions and behaviors and factor them into the credit score.

Does it Guarantee a Higher Score?

Because you are in control of the information, UltraFICO allows you to “build” a score based on your own positive financial habits. By including only positive information, most consumers should see their scores increase.

Anything Else?

They are putting the final touches on UltraFICO, so it’s not widely available yet. But it will be soon. You can visit their website now to learn more and receive updates about the program.