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winners never-John McMillion of Majestic Mortgage Company A Majestic Youth of Tomorrow Announcement

John McMillion aka Johnny McMillion or Mr. Mc Million, has a series of Service Announcements:Public, Youth,Community,Safety etc. These ...

How a new service could help boost your credit score

When it comes to getting a credit card or taking out a loan, there’s a bit of a paradox involved for consumers. To get credit you need a good credit rating, but to get a good credit rating, you need a credit history.

Some 54 million Americans don’t have enough of a credit history to generate a good credit rating, according to the Credit Builders Alliance, a Washington, D.C. based advocacy group for consumers. The credit rating company Experian has announced a new service that could change that. Consumers who opt in to Experian Boost give the credit rating company access to what’s going on in their checking accounts — specifically, when they pay their utility and phone bills — so the information can be rolled into their credit histories. 

Dara Duguay, executive director of the Credit Builders Alliance, said the service could make getting credit easier and less expensive for all kinds of consumers.

"It could be young people who just haven’t been able to start building a credit history,” she said. “It could be immigrants that are new to this country and that also may have a credit history in another country, but not in the United States." Other consumers have "thin" credit files because they've spent years paying in cash, added Duguay.