Experian Clone App: Launch A Robust Payment App With Cutting-edge Features

The world has always been discriminative. Everything for everyone was never considered. Even today, there are so many things that remain unaffordable to many in society. The main factor behind such scenarios is the availability of money. But the emergence of credit cards and credit transactions has made it possible for people to purchase their desired items. Each and every Credit card transaction allows their user to earn a Credit score accordingly to their purchase they made. This platform allows customers to Gain lot more perks than compared with other organizations. This Credit card plays an important role in the Financial lives of individuals who are in need.

Experian is a global leader in consumer and business credit reporting and marketing services, and This helps their customers to plan their financial needs accordingly and proactively, also protect the Data vulnerability issues as per the GDPR policies.

This Experian Boost App is used to boost the credit scores of its users and thereby make them eligible for accessing credit cards. Experian Boost is a service that includes qualifying on-time bill payments that generally aren’t assessed by the credit bureaus, such as utility, phone, cable, and internet bills, onto your credit report. This positive payment information can improve your credit scores by a few points. 

How does Experian Boost Work?

Consumers who want to use Boost must allow the product to scan their bank account transactions to identify streaming, utility, and cell phone payments. Information about payments will appear in their Experian credit report and be used when certain credit scores are calculated from that data.

Boost counts only positive payment history, Experian says, so missed streaming, utility or cell phone payments will not hurt your score. That’s different from how credit scores usually work, where missed payments are recorded in your credit report and can reduce your score.

To use Boost, consumers sign up for a free membership on Experian’s website and grant permission to connect their online bank accounts. Boost then identifies streaming, utility, and cell phone payments. Once a consumer verifies the data and confirms they want it added to their Experian credit file, an updated FICO score is delivered in real-time.

What do you need to use Experian Boost?

To use Experian Boost, you must create an account with Experian. You have to provide some basic information, as well as connect any of the bank accounts you use to pay your utility bills. Experian then scans those accounts and asks you to verify the payment histories you want to add to your credit file. Beyond that, there are a few additional boxes to check:

• Your bills must be paid with a checking or savings account. Experian Boost can capture transactions from demand deposit accounts only. Utilities paid with a credit card won’t count toward a potential score increase.
• You must have at least three months’ worth of payment history. Experian Boost picks up payment patterns of three months or longer.
• Transactions must include the names of individual utility providers. If your utility payments are combined (water and trash on a single municipal bill, for example), Experian Boost won’t recognize them. It also won’t give you credit for Venmo-ing your roommates or any other payments not made directly to a provider.
• You must have at least one account, like a credit card or loan, on your credit report. Experian Boost has to connect to an existing credit file (including personal information and data reported by lenders) that confirms your identity. You can’t use Experian Boost to establish credit.   
• After you’ve signed up and connected your bank accounts, Experian Boost shows you immediately whether your verified bill payments improve your score. You can also view your utility accounts on your Experian credit report.

How to develop an app like Experian Boost:

The process of developing an app involves various stages, starting with planning till the launch of the application. The steps or stages of app development is discussed below,

• Developing a Strategy – This would be the first step in the development process, defining strategic goals that would evolve your business idea into an application.
• Analyzing and Planning – The next step would be to identify your business requirements and prepare a planning document regarding the work process.
• UI/UX design – Once you have planned the process, the next step would be ensuring a seamless and best user experience with an exclusive design.
• App development – The backend, API integration, and mobile app development happen at this stage.
• Testing – This is where the quality of the application will be accessed, and initial bugs and glitches will be fixed if there are any. 
• Deployment of the app – When the app clears the testing and quality analysis stage, it is all set to be launched in various platforms like Android and iOS app markets.

The above mentioned are the stages of developing an app from scratch; there is one more game-changing alternative called Clone Solutions. These are pre-built, ready-to-deploy applications that can be further customized and modified according to the needs of the business. This method is relatively cheaper than the method of building an app from scratch, and it is also time-saving and worth every money invested in this. 

If you are wondering where to avail of such services, We are right here. We are called The Appdupe, an app development company. Reach out to us to create an app like Experian, and we are the best in the market. Our team awaits to serve your needs. So connect with us ASAP.

Ending Thoughts 

The financial lending services business is one of the emerging markets at present, be an early bird to enter into this market segment and build your own business empire in the market. This segment has all the possibilities of becoming a profitable business sector in the coming future. Be wise and start your business activity with us. 

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Author

Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.