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How Experian Protects Your Bank Account Information
Experian collaborates with Finicity, a Mastercard company, to securely link your bank accounts. This connection employs bank-level encryption to ensure the safety of your data during transfer. For many major financial institutions, Finicity uses “tokenized” access to keep your username and password confidential. When you connect your account, you log in using your bank credentials to verify access, or your bank may send a token to unlock the account.
This security measure allows Finicity and Experian to access your account information without storing your username and password. Additionally, Finicity may create and share “substitute” account numbers with Experian, which function like your actual account numbers. You can choose which accounts to share and revoke access at any time.
Experian retains certain personal and financial information from your connected accounts, such as records of on-time payments, which could improve your credit score with Experian Boost. While there’s always a risk of data breaches, the anonymized data makes it difficult for attackers to access your linked accounts.
How to Link Your Bank Account to Experian
Linking your bank, credit union, or brokerage accounts to Experian is straightforward. Follow these steps:
- Open a free Experian account: If you’re not already a member, start by creating a free Experian account. This account allows you to review your credit report, check your FICO® Score, sign up for Experian Boost, access Personal Finances tools, and receive personalized loan and credit card offers.
- Go to your account settings and connected accounts: Once logged in, navigate to your account settings by hovering over the profile icon and selecting the connected accounts tab. Here, you can see which bank accounts are linked to Experian Boost and Personal Finances.
- Link a new bank or credit union: Click the “+ Connect Bank Account” button to link a new account. Choose whether to use the account with Experian Boost or Personal Finances. Find your bank by typing its name and follow the prompts to authorize data sharing. Log in to your bank account to confirm access, and you may need to enter a verification code sent to your phone or email.
- Choose which accounts to link: If you have multiple accounts at the same bank, select which ones to link. Complete the process by confirming your choices and agreeing to any remaining terms or conditions.
Experian supports linking with most financial institutions, but some accounts may not be eligible for both Experian Boost and Personal Finances.
How to Unlink Your Bank Account From Experian
To unlink your account, return to the connected accounts tab and click disconnect. Once unlinked, Experian won’t offer personalized insights based on that account’s activity. If the account was linked to Experian Boost, any identified bills will be removed, and Experian won’t receive additional payment history for those bills. Experian may also remove payment history if new payments aren’t reported for three consecutive months, potentially affecting your FICO® Score.
However, Experian may not delete the information from its databases entirely. You can request, correct, or delete your personal data (unrelated to your credit report) from Experian’s personal data page.
The Bottom Line
Experian’s free Experian Boost and Personal Finances features can help improve credit scores and manage finances. To use these tools, you’ll need to link eligible accounts, and Experian partners with Finicity to securely access data from your linked bank accounts. Additional security measures are in place to keep your information safe.
For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to assist you with the best mortgage solutions tailored to your needs.
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