• What is Open Banking?

    Open Banking is a government-backed initiative that puts you in control of your financial information. It gives you the power to share transactional information from your bank account with other banks and third parties.

  • Open Banking gives you the freedom to use innovative financial apps and services that can make managing your personal finances easier.

  • Your bank will always require your consent to give a third party access to your transactional information.

  • Your transactional information includes all your incomings, such as your salary, and your outgoings, from utility bills to groceries.

  • Diagram of how bank data was accessed before open banking (via the banks own application) vs after (via 3rd party applications)

How Experian Boost uses Open Banking

When you sign up for Experian Boost, we'll ask for you permission to connect to your bank account. Once we have established a secure connection via Open Banking, we'll scan your account transactions from the past 12 months to calculate your Boost.

account information phone screen

You’ll be sent to your bank’s website to log in and choose which current account to connect.

payment status phone screen

A secure Open Banking ‘handshake’ takes place between Experian and your bank.

financial connections phone screen

We'll scan your transactions for your payment history and tell you if you've got a Boost.

A person holding a mobile with a padlock next to it

Why Open Banking is safe

We use modern security practices and end-to-end encryption to establish a secure Open Banking connection with your bank account.

To connect, you’ll need to log into your bank account with your usual password, which ensures the connection has bank-level security. You don’t need to give us or anyone else your bank login details.

Experian Boost and your credit score

Your Experian Credit Score is made up of factors, like how much credit you use and how reliable you are at paying it off. This already includes loans, credit cards, mortgages, mobile phone contracts, bank accounts and some regular household bills, such as energy, water and broadband.

Boost adds even more accounts to your credit history, so we can recognise when you've made regular payments, for example to your savings account, and raise your credit score.

A user boosting their score sat at their computer