Lift Premium™
Provides lenders with a more complete picture of your creditworthiness
What is Lift Premium?
Lift Premium™ is the newest credit score developed by Experian®. It’s aimed at empowering financial inclusion for all, making credit easier for consumers regardless of credit footprints. By combining data from multiple credit reporting agencies, Lift Premium can make it possible for those with little to no credit history to become scoreable.
Going beyond traditional credit data
Lift Premium is different from traditional credit scores because it includes broader information that can give lenders a more detailed portrait of your ability to make payments.
Lift Premium expands on typical score categories by considering information such as public records available through LexisNexis® Risk Solutions that are not typically found on a traditional credit report and alternative financial services from Experian's Clarity Services.
Improving credit access for all
If you’re applying for credit, your Lift Premium score may come into play. Lenders can look at your Lift Premium score for a more comprehensive view of your credit worthiness, which could make it easier for you to get approved for credit or get a better interest rate!
Frequently asked questions:
In addition to the unique elements that Lift Premium adds to the scoring process, typical factors that contribute to your credit include:
- Payment history: When you maintain on-time payments for your credit accounts, your score may improve. Conversely, missing payments can hurt your score.
- Amounts owed: The amounts owed on your current credit accounts can be a big influencing factor on your score. It includes how many of your accounts have balances, how much you owe, and how much of your available credit you’re using (credit utilization).
- Credit history length: Having a longer credit history can help your score. This category takes into consideration your oldest account, your newest account, and the average age of your accounts.
- Credit mix: Having a mix of different types of accounts can help your score. This includes installment loans (e.g., car loans) and revolving accounts (e.g., credit cards).
- New credit: This considers whether you’ve applied for or opened new credit accounts. Opening several new accounts in a short time period could have a negative effect on your score.
By monitoring your credit report and ensuring you make all debt payments on time, keep balances low, and avoid taking out too much credit at once, you can give yourself the best shot at a favorable score.
Lift Premium credit score tiers are as follows:
Excellent: 781–850
Very good: 661–780
Good: 601–660
Fair: 501–600
Poor: 300–500
In general, applicants have better odds of credit approval the higher their score is.
Different credit scores exist for different purposes. Mortgage lenders may use one type of score while, auto lenders may look to a different type of score. Varying models often meet their specific needs.
Credit scoring companies use data collected by the three national credit reporting agencies: Experian, TransUnion, and Equifax. But each scoring company and each of their scoring models may use different information provided by the agencies. That’s why your Lift Premium score may differ from your FICO® Score* or VantageScore®**, and why versions within those models may vary as well. Lenders may also use their own proprietary score models to assess target customers.
You may not always know which model a lender or retailer will use when considering you for credit, but they all draw from trade, inquiry, and public record information in one or more of your credit reports. You can check your Experian credit report to see what types of data are included and dispute any inaccuracies you see.
*FICO is a registered trademark of Fair Isaac Corporation.
**VantageScore is a registered trademark of VantageScore Solutions, LLC.
A credit report is a record of your history managing and repaying debt. Lenders and other companies may use your credit report to learn more about your previous borrowing experience, which helps them make decisions about granting you credit.
Lift Premium is based on your various credit reports, including your typical credit record as well as credit profiles from full-file public records and alternative financial services.
Learn more about the ins and outs of a credit report.
If you find inaccurate information on your credit report, you should contact the appropriate credit bureau to file a dispute. Please refer to your adverse action letter for details.
For questions related to the credit report used in your most recent application, please contact your lender.