Experian Boost adds rent & BNPL to UK credit checks

Experian has launched an enhanced version of Experian Boost for UK consumers, adding visibility into financial behaviours such as rent payments and Buy Now Pay Later use.

Users who connect their bank account through Open Banking can see how lenders may view a wider set of financial information before applying for loans, credit cards, car finance or mortgages. The service also provides personalised guidance on steps that could improve eligibility over time.

Under the revised service, consumers can review the possible effect of rent payments, household bills, regular commitments, account management, payment issues and short-term borrowing activity on their financial profile. Experian said millions of people manage these commitments responsibly but have limited understanding of how they are assessed in lending decisions.

The update also lets UK tenants add rental payments directly to their credit report through the service for the first time. The change is intended to help renters reflect regular housing payments in information used by lenders.

Analysis from a three-month pilot with one lender, covering the Lendable, Asda and Post Office brands, showed users could secure average APR reductions of 14% to 22% on personal loans, depending on score band, Experian said. Based on a £10,000 personal loan over 48 months, that could amount to an average annual interest saving of £340.

Separately, 71% of 113,259 existing Boost users assessed through the new product in July received a positive score uplift, excluding those with insufficient data to generate a score. Experian added that every user would receive personalised guidance, even where the service did not immediately improve access to offers.

Broader checks

The changes reflect a wider shift in consumer lending, with providers often considering affordability indicators alongside conventional credit history. The updated service is intended to show consumers more clearly how everyday financial conduct may be viewed as part of that process.

At launch, the service uses current account information only. Consumers connect the account securely to their Experian profile, and the system then groups transactions into categories that correspond to factors lenders may take into account.

These categories include rent and housing-related payments, household bills, Buy Now Pay Later activity, everyday account management, payment issues and account conduct, and short-term borrowing activity. Users then receive an explanation of what may be helping or affecting their financial profile.

The enhanced Boost service begins rolling out this week, with full consumer access by the end of the month. The updated version follows Experian's move last year to a 1250 credit scoring system.

Consumer pressure

The launch comes as households remain sensitive to borrowing costs and lenders place greater emphasis on a fuller picture of applicants' finances. For renters and people using instalment payment products, the change may widen the range of information visible before an application is submitted.

Experian said the update is designed to give consumers more insight into how their day-to-day finances could affect access to credit and the price they pay for it. The service remains free to use.

"We're putting more power into people's hands by giving them greater understanding of the financial behaviours that can influence access to credit. At a time when many households are looking for ways to make their money go further, helping people unlock better financial opportunities has never been more important. The latest Experian Boost update helps positive financial behaviours, such as paying rent and household bills on time, work harder for consumers. For some people, that could mean access to lower borrowing costs and savings of hundreds of pounds each year," said Edu Castro, Managing Director, Consumer Services UK&I, Experian.