Authorized User Tradelines??

No. You cannot own a tradeline that you have not established on your own credit. If anyone tells you that you can, it's a scam and run like crazy. Owning a tradeline = being the primary account holder.

 

Primary lines which are sold are deceptive and rarely work. Don't do it. AU additions are legal and effective.

 

Beware of credit score fixers
Promises to raise your credit score unlikely to pay off

Kayce T. Ataiyero | Consumerland
February 3, 2009
With lenders becoming stingy and setting the credit bar higher, having an attractive credit score is more important than ever. So, who could resist a pitch like this one from an online credit repair service: "See you in the 700 Club!"

For a fee, the company promises to deliver you from the credit sewer, boosting your score to the 700 level, the land of low interest rates and financial affirmation.

Sound too good to be true? Maybe so. Many people would think there's only one old-fashioned way to boost a credit score, and that's by being responsible. Pay off your bills, on time, and don't bite off more credit than you can chew. That's what independent experts preach.

Yet the consumer world is filled with offers from firms promising to help clean up your poor credit score, and the story of how the "700 Club" pitch has succeededâ??until nowâ??reveals the complexity and diversity of the credit repair business, which the Federal Trade Commission, for one, criticizes.



Kayce T. Ataiyero
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The idea behind the "700 Club" is ingenious in its own way. Courtesy of a legal loophole in the credit reporting system, companies can charge a fee to match up consumers who have poor credit scores with those with stellar scores, allowing a perfect stranger to ride the good credit coattails of others.

The phenomenon, known as "piggybacking," or trade line renting, exploded a few years ago when Internet entrepreneurs figured out there was money to be made. The premise relies on the same principle that allows someone to add a spouse or child to their credit line. A company recruits "investors" with good credit willing to sell slots on their credit lines. The company then sells those lines to strangers in need of a credit score boost, splitting the profits with the investor. The person buying the line of credit doesn't have any charging privileges; they're paying simply for the right to benefit from the credit history of the seller. The prices for such services vary on how much credit history you're looking to buy.

Many in the lending industry consider this type of credit repair unethical because it misleads lenders into thinking a person is more creditworthy than he or she actually is.

Careen Foster, director of scoring product management for Fair Issac, the company responsible for calculating your credit, or FICO, score, called the practice an "illicit manipulation" of the credit reporting system.

And so now this ride may be coming to an end.

Last week, Fair Isaac announced it has revamped its model for calculating credit scores, and one of the changes it made will shrink the piggybacking loophole, while allowing legitimate credit users to benefit from being added to credit accounts. One of the big credit report agencies, TransUnion, has already begun using the new FICO score.

Foster said the new FICO rules don't eliminate the possibility of piggybacking, but come close enough. Fair Isaac said that instead of waiting for regulators to address the issue, it decided to act on its own.

"The practice of adding an authorized user account from an unknown third party to your credit report isn't going to have the same impact, nowhere near the kind of benefit that folks are paying for," Foster said. "I don't think it will be worth the cost of the trade line renting to do it."

And that could be bad for business for some of these credit repair shops.

I set out to find some of the companies. One, Instant Credit Builders, advised on its Web site: "We are no longer offering Trade Lines however we will be servicing existing clients." There was a number for existing clients to leave messages. I called it. A robo-message informed me that the mailbox did not exist.

Next, I called Apex Credit Services, which was advertising on its Web site 2-year-old trade lines for $399. Ten-year lines were going for $899. An affable man answered and we chatted for a bit about the FICO changeâ??he said he didn't know anything about it. He also said the company owner wasn't interested in commenting.

After calling or e-mailing more than a half-dozen companies, I was starting to think no one wanted to talk to me, until Marcus Vance called me back. Vance works at Crcleanup.com, a company that sells piggybacking services. This was the one offering entrance to the 700 Club. Or at least it did. He said the FICO changes will put the company out of business.

I asked Vance if he thought his service amounted to defrauding lenders. He said he was just participating in a system that has long set up consumers to fail by pushing credit on them at an early age, only to penalize them for years for the poor financial decisions they made. He said people come to him when they realize that it would take them 15 years to boost their credit scores to a level his company can reach in mere months.

"When you turn 18 in college, they bombard you with credit cards," he said. "They put you on a plank and let you jump off. All we do is give people an opportunity when they get a little bit older and wiser to fix their credit."

Vance put it this way: "Basically, there's a loophole and we're taking advantage of the loophole. It's the American way."

While this strategy appears to be on the way out, there are plenty of other companies out there offering to help repair your credit. The FTC, however, advises consumers to be wary of any company that promises to make all your credit troubles disappear.

Anything a credit repair clinic can do legally, you can do for yourself at little or no cost, the FTC says on its Web site. No one can legally remove accurate and timely negative information from a credit report.

The bottom line: "You can improve a credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan."

 

Again, the person which called our office was told by Chris to refer to our FICO 08' article. We didn't decline comment inasmuch as our position is clearly stated on our home page, has been for nearly two years, we've been right, and it can be found all over the net.

Fair Isaac has no legal way to prevent AU's from being scored. This is simply more of the same rhetoric.

 

And this is at least the 4th time for the same post, on different threads.

Don't you think we can read the first time?

This is starting to smell of harassment.

 

Gump here remember he called me slow.You would think that it could have been reduced to a few quote's.Oh Fred you devil.lol

 

I like to call it stalking . . .

 

You can call it whatever you want but I'm sure that you are also aware that stalking is a specific crime covered under 18 U.S.C. 110 A and many state laws as well. We might label such acts as we see here as stalking but it really isn't, at least not by absolute legal definition.

 

It is actually a crime under WV state law . . .

 

Most states have it in one form or another. Many also have some sort of computer crimes laws which also contain sections dealing with cyberstalking. Some are fairly strong and others are so weak or difficult to enforce that they may as well not exist. While federal anti-stalking laws are very strict they can only be brought by a prosecuting attorney at the federal level. State laws vary so much that stating that WV has such a law don't tell us much.

 

It is enumerated as the West Virginia Computer Invasion of Privacy Act. It provides civil remedies as well as criminal penalties. What Hegemoney is doing certainly doesn't qualify (you have to put out personal info) some of what occurred on Rip Off Report did and accordingly, was set forth as a count in our Complaint and was as well turned over to the WV State Police for investigation.

 

ttt so nobody wastes their money.

 

Back to your minions . . .

 

It's funny. There's only one other credit board on which I see "ttt" used on a regular basis. In fact, it's the only other forum -- regardless of subject -- where I see it used frequently.

 

Authorized user accounts stay on your credit for 7 years

I bought 2 authorized user accounts from a company called
Credit-Pro.com pro over a year ago and they are both still on my report. The reason you buy these is to raise your score in the short run so you can start rebuilding your own credit, so "leasing" vs. "owning" a tradeline is irrelevant.

 

Very good post for a newbie and I wish all people were this reasonable. However, the duration of the tradeline depends on the underlying account. Certain creditors simply don't remove AU lines from reports even after the AU is physically removed. Conversely, some do so in rapid fashion.

A good credit service organization will tell you this and which ones report permanately and which ones do not.

 

How does it work?

What package did you purchase? How much did your score increase? How long did it take for the tradeline to show on your credit report? Their prices seem quite reasonable and I am interested if it really works.

 

The score increase depends on what is currently on your credit profile. If you have a blank slate, then you will see a huge increase. If you already have 5 authorized user accounts with low balances, then you may only see a low increase in yopur score. Tradelines take anywhere from 30-60 days to report to your credit, it depends on what level you order and the availability of them at that moment.

 

Accurate to the tee