Equifax says no more abusing AU tradelines

So how do they know if an AU tradeline is for a spouse or not?

The first time they exclude a spousal tradeline they're open to a big suit.

 

Here we go again . . .

The ECOA precludes all of this. The rest is propaganda to scare people.

We've been over this so many times on this board I can't even remember how many. Each time, we've been proven right.

AU's are always going to be scored because their is no way to tell who is a spouse and who isn't. If there was a way, they'd say how.

 

Yuck what about cc companies forever changing address's automated systems that will get you to a India call center who's use of English is a cheat sheet,which to me is an attempt to fool the consumer's right to correct the wrong reporting of adverse information.Listen i don't have a problem with correct information.I did the the credit crime so "ll do the credit time.And why do you hope its over soon it's no skin off your teeth,Just like in credit reform there's loopholes for bankers well there's one for consumers,so if you want to take away ours then take away there's.Just a thought could be a bad thought but jj doesn't think so.

 

Actually, I am an expert on the ECOA insofar as I represent consumer litigants through my law firm. That aside, your post is rather transparent insofar as it is clear you don't like the sale of tradeline additions. I've never understood why this bothers people so much when conversely, debt purchasers and collectors can deflate a score artificially. The problem is the entire model, not one-tenth of one percent of Americans who even know how to improve their score through piggybacking.

Another issue is why should it matter if a tradeline addition is free or purchased. It accomplishes the same end. So, who cares if Mom and Dad boost Son and Daughters score or if one spouse does it for another. I don't see how that differs from one person selling another person a tradeline. It's legal per the FTC and any of the above accomplishes the same end.

Again, the problem is with scoring models. If lenders wanted to truly assess risk they may consider actually reviewing a report, verifying income, talking to the applicant, etc. But, no, let's just rely on a flawed model that spits out a three digit number. And, let's bash those that capitialize on those flaws. Makes perfect sense . . .

 

I'm on my girlfriend's Citi Card as an AU but had no idea about the concept of piggybacking until I read it here two days ago. I pulled my CR yesterday and was pleased to see that history was indeed also reporting on mine. On the advice of APEX I've added my information to some of her more seasoned cards: a Chase Card opened in '06 with a $6,500 limit (current balance $0) and a Discover card opened in '02 with a $7,500 limit (current balance $1000). Both are spotless over their entire history so I look forward to seeing what they do for me.

My point, btw, is that Discover alone asked if I was her spouse. The Web site said it was required to under federal law or something. She may have accidentally clicked yes, I don't remember ;-) So it looks like some lenders are hedging their bets in case there really does come a time in the future when they have to make the distinction between relatives versus friends or paid piggybackers.

Question: How can I add my name to an installment loan? I remember reading that one should add at least two revolving and two installment TLs when doing this. I now have three seasoned tradelines in addition to two secured credit lines I have established since discovering I was a ghost back in 2007. But car loans, for example, don't really have a spot on their Web sites to "add authorized user".

 

I don't think you can be added as an AU to an installment loan. You could be a co-applicant but that's about the only way I know.

 

As Apex said, this has been going on for several years now, and although they say that, it never happens.

 

Hedwig: Thanks, it makes sense that one can't be added as an AU on an installment loan. I guess all the companies that offer seasoned tradelines for installment loans, mortgage loans, etc. are a little fishy. To add to the confusion they promote their products as "less than 20% balance" or "paid in full". How the hell can someone with a paid mortgage call his original lender and say, "oh, by the way, now that I'm paid off, can you add someone's name to the account?"

So the only way to add installment loan history is to open it and "season" it myself then, right?

 

That's the way it seems to me.

You could go to your local credit union and see if you can get a loan against your share account. You'll have to have the funds there first, but then you could deposit the loan proceeds in your account and just transfer the payment each month. That way you know it gets paid on time.

 

If Equifax is using a FICO scoring model, that means they get it from FICO. Which means Fair Isaac would have to develop and sell or license the algorithm. Which means Fair Isaac would be liable in any suits brought for violation of EOCA.

Which basically means they talk a good game but it's doubtful the implementation is there.

 

Stop the bickering