Credit score building FAQs
What is Credit Boost?
Credit Boost helps you to build your credit file, and potentially your credit score. It does this by recording each successful membership payment that you make and reporting these to Experian, which can count towards improving your credit score.
How does it work?
Both our £4 and £7 Portify membership fees may help improve your credit score. We structure this fee as a 12 month contract which allows us to report successful monthly repayments to Experian. This way, you may boost your credit score simply by paying your membership fee each month.
How much does it cost?
You can start building your credit file from £4 a month. Or, for £7 a month, you can access additional features including interest-free finance up to £250, whilst potentially boosting your credit score at the same time.
How much will my credit score go up?
Alongside paying your Portify membership fee on time, there are many factors that go towards building your credit score. To see an overall increase in your credit score, you will need to follow best practice consistently, such as making payments on any personal loans that you have, paying your bills on time and signing up to the public electoral register. For the avoidance of any doubt, we cannot guarantee that your credit score will go up as a result of paying membership fees.
How long does it take for my credit score to increase?
Most people will see an improvement to their credit score after about four months. The biggest increase will likely have occurred after 12 months of consistently paying your membership fee.
Can my credit score go down?
If you fail to repay your membership fee on time for the month, it can impact your credit score negatively. Please get in touch with us beforehand if you are concerned this might happen.
Can I move between the £4 and £7 fee?
Yes! If you are paying the £4 membership fee but want to also access interest-free finance, you can upgrade your membership to Portify Plus, costing £7 total per month.
What happens if I cancel my plan early?
By ending your plan early, you may not feel the full benefit of our credit boosting product - it will appear on your credit file as an early cancellation. While it is unlikely that this will impact your credit score negatively, it may change the way other lenders assess your applications for credit in the future.
What happens at the end of the 12 month period?
After the 12 month contract is completed you will need to opt back in either to the £4 or £7 membership option to continue to build your credit score.
Do I get my money back?
We do not refund your subscription after the 12 month contract is over - for both the £4 and £7 plans.