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?
Portify (£4) and the Portify Plus (£7) membership tiers may help improve your credit score. We structure your membership as a 12-month contract. This allows us to report each successful membership fee payment to Experian as a loan repayment. Positive payment history is one of the largest factors to affect your credit score so you may boost your credit score simply by paying your membership fee each month.
How can I track my progress?
You can track your progress through email or in the Portify app.
We'll send you an email every month confirming your payment status and that we have successfully been able to report your payment to Experian. We'll send you email receipts when we receive your payment and remind you if you haven't paid.
You can also check when we have reported your payments to Experian within the Portify app.
How long does it take to increase my credit score with Portify?
The time it takes to see a positive impact on your credit score as a result of your Portify membership varies from person to person. This is because reporting your payments to Experian is one of several factors that can affect your credit score.
Following 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 can all help influence how much and how quickly your credit score changes.
Assuming you pay your membership fee on time every month, you can expect your credit score to change around 3-4 months after you sign up. The biggest increase is most likely to occur after 12 months of consistently paying your membership fee.
The amount your score changes by, and whether it improves or not depends on your other commitments too. To give yourself the best chance of improving your score you should ensure that you pay all of your commitments on time.
Can my credit score go down?
If you fail to pay 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.
How much will my credit score improve by?
Alongside paying your Portify membership fee on time there are many factors that go towards building your credit score. As mentioned above, 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.
Similar to the amount of time it can take for your credit score to change, how much your score changes depends on the general picture of your financial health.
For more information, check out our guide on "How to Start Building Credit the Right Way."
We cannot guarantee that your credit score will go up as a result of paying membership fees.
Do I need the Portify app for Credit Boost?
To use Credit Boost you'll first need to subscribe to a Portify membership in the app.
Once you've done this, you will need your Portify app to:
- track your progress and see the record of reports made on your behalf to Experian
- receive important monthly notifications about payments
- enter our prize draws for a chance to win regular prizes
- contact Support if you need any help
How do I know that Credit Boost is impacting my credit score?
How long it takes for your credit score to be impacted and how much your score changes depends on the full picture of your financial health and what is reported to credit bureaus.
Although it's slightly different for everyone, after 3-4 months you should start to see your credit score changing as a result of using Credit Boost through your Portify membership.
You can track your overall credit score for free on Experian's website. You may have to sign up to a paid Experian subscription to see everything that is impacting your score.
What happens if I cancel before 12 months?
By ending your plan early, you may not feel the full benefit of Credit Boost - it will appear on your credit file as an early termination.
While it is unlikely that this will negatively impact your credit score, it may change the way other lenders assess your applications for credit in the future.
Do I get my money back?
We do not refund your membership fees after the 12-month contract is over - for both the £4/month Portify and the £7/month Portify Plus plans.
See 'How does Portify make money?' for more information.