Paying For Your Own Netflix And Amazon Prime Could Help You Buy A Home
If you're one of those people that pays for your own Netflix, Spotify and Amazon Prime accounts instead of sponging off others, you could be doing yourself a massive favour in the long run.
This is because there are now a string of digital subscription payments that can be used in order to boost your credit score and, in turn, giving you more chance of being able to get a mortgage.
So forking out for Netflix and Amazon Prime might actually have more benefits than crap Christmas films (we're looking at you Holidate) and next day delivery.
According to Experian, there could be an estimated 17 million people that will see their credit scores rise using its new Experian Boost service.
This amounts to 51 percent of customers who use the new feature.
If you're not ready to get a mortgage and buy a house, it could put you in a good position to get a credit card.
The service is now available in the UK and means people making regular payments for things such as council tax, savings and investments (e.g. an ISA) and digital entertainment services could have that reflected when it comes to their credit score.
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Experian promises no one will see their credit score go down, but you could get a maximum boost of 66 points.
By including Open Banking transactional data in your credit score, Experian Boost rewards people for making regular payments to a broader range of organisations, which it says will improve lenders' credit assessments.
Clive Lawson, Managing Director for Consumer Services at Experian, said: "Experian wants people to get credit where credit is due.
"We are always pushing the boundaries of innovation for two key reasons - to give consumers more control over their financial lives, and to ensure lenders have the information they need to make informed, responsible decisions.
"There's never been a more important time for people to engage with their credit scores and Experian Boost will help them to do this.
"We are incredibly excited to provide this ground-breaking, free service now to help build better financial futures for consumers in the UK."
People can access and find out more information about Experian Boost here.
Featured Image Credit: PA
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