(CBS 58) – A small bump in your credit score could make all the difference for your financial future.

Thanks to two new programs rolling out later this year, you may see a boost in your credit score.

According to Consumer Reports, Experian and FICO will be releasing new programs that look at more factors than usual when determining a credit score.

Right now, credit scores are mostly determined by how well someone pays back debits including credit card and mortgage payments.

Experian will soon introduce Experian Boost which will look at utility payments and FICO is launching UltraFICO which looks at banking history.

Both programs will be free to consumers.

Many experts support the new effort but remind people they are giving potentially sensitive information to financial service firms.

Two other credit rating agencies, Equifax and TransUnion are not involved.

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