I'm afraid it's a little more than unethical. It is credit fraud, a crime punishable by law. If you're caught, proving the charges should be fairly easy. Saar
I read or heard or saw *somewhere* (maybe even on this board) that Miami and Salt Lake City are the scam capitals of the USA. -ingenue
Saar... It may be. But consider this comparison: Scenario A: I apply for a Visa Gold card with Bank XYZ. They approve me for $10K CL and charge me a $49 annual fee. Scenario B: I apply for this $10K limit with this company. They approve me for $10K CL and charge me a monthly maintenance fee (something MANY sub-prime CCs do). In Scenario A, they've given me a $10K CL (and will report as such) and I haven't purchased a thing. In Scenario B, I 've gotten a $10K CL and pay a monthly maintenance fee just like many sub-prime CCs. The only way it becomes credit fraud is if this company refuses to approve a purchase that requires use of this $10K tradeline. That would indicate the CL is fake. Ask this question - Unless the $10K CL can be proven to be fake, what is illegal about it? And second, how could one prove that the CL is fake without trying to fully utilize it?
People.... I just want to make it clear that I'm in no way affiliated with this company. I realize it may appear that way and that it appears that I am defending this company but I am basically playing devil's advocate regarding the legality of it.
I don't know what the big deal is here, I used this kind of service before and quite liked it. ( not this company though. There wasn't any FBI banging on my door or anything. And the whole trade line disappeared after a couple of years. Not a trace to be found. But it has helped me establish credit, just as they advertised it would. But thats just me.
I think the whole discussion boils down to whether or not the tradelines are real or fake. If you wanted to charge $10K worth of merchandise, would they let you? If the answer is yes, then it can't be illegal. If the answer is no, then the tradelines are fake and it's probably illegal. I'm glad it worked for you.
Summer Since you asked the question you know the answer this web-site is so cheesy I could put it on my burger. This is clearly someone with a little knowledge that would more than likely take advantage of you. run ...don't walk...away from this just my 2 fiddy with chips
I hope no one thinks that you could be affiliated with that co. by merely engaging us in debate; I enjoy a diversified conversation... I think you have made some really good points. The only difference I see between this company and legitimate credit card cos. is that they are advertising that the purpose of the credit line is specifically to improve one's credit rating and charging a fee and legitimate cos. charge a fee for the priviledge of making their card available to you. Looking at that website, it definitely is scam city and I hope no one wastes their money on them.
Accepting the offer would expose you to identity theft and fraud. Don't do it. It's not practical. CardKid
I don't see why everyone is getting all upset over the legality of this...let's see...hmmm Credit Scores are basically just used to justify screwing over people for no real reason...hmmm so paying a few measly bucks to raise your score seems more like playing the game than cheating. I'm sorry but the way your score moves is such a mystery/joke that who really cares if this is 100% legit (and BTW it looks like it is anyway, except this particular website is ghetto as hell). Get over it, I've seen how hard it is to raise your score just by asking CA to remove INCORRECT information, would be 10x easier just to get a $50k CL...even if it really isnt a CL.
The "LEGALITY" of it is NOT in question...it is illegal to falsify information about your credit and credit history. The fact of the matter is that all information must be correct on your report and that is what we are fighting for. Not to mention that falsifying information is as bad as the lying and cheating by the CRA's/CA's and I am not going to play their game. But it is illegal. You may get caught. You will most likely lose your money. Don't do it. -Peace, Dave
People what is the difference in what this company is offering and what companies like www.usagoldcard.com or www.pioneerfirst.com which both companies have been around forever and providing a good service. And charging more by the way. In fact Sears started out in catalog sales. This company is just offering products and credit to buy their products the positive effect which it has on your credit is a by product. They are probably hoping you will buy some of their products down line. We need more companies willing to take a chance on you not less. This is a new way at looking at an old problem.
I notice their website is now "Under Construction", as for the legality I think generally what they are offering could be considered Wire Fraud: As defined- WIRE FRAUD - 18 USC 1343, makes it a Federal crime or offense for anyone to use interstate wire communications facilities in carrying out a scheme to defraud. A person can be found guilty of that offense only if all of the following facts are proved beyond a reasonable doubt: First: That the person knowingly and willfully devised a scheme to defraud, or for obtaining money or property by means of false pretenses, representations or promises; and Second: That the person knowingly transmitted or caused to be transmitted by wire in interstate commerce some sound for the purpose of executing the scheme to defraud. It is not necessary that the Government prove all of the details concerning the precise nature and purpose of the scheme; or that the material transmitted by wire was itself false or fraudulent; or that the alleged scheme actually succeeded in defrauding anyone; or that the use of interstate wire communications facilities was intended as the specific or exclusive means of accomplishing the alleged fraud. What must be proved is that the person knowingly and willfully devised or intended to devise a scheme to defraud; and that the use of the interstate wire communications facilities was closely related to the scheme because the person either wired something or caused it to be wired in interstate commerce in an attempt to execute or carry out the scheme. To "cause" interstate wire facilities to be used is to do an act with knowledge that the use of the wires will follow in the ordinary course of business or where such use can reasonably be foreseen. Each separate use of the interstate wire facilities in furtherance of a scheme to defraud constitutes a separate offense.
Thanks for the answer. What I am saying is that if they are extending credit and reporting your pay history as they said. What is the problem? It is only misleading if they don't. And from what I have seen on the other postings no one has said that for a fact. Just cross talk. I thought in America we were "Innocent until " not the other way around. I have not seen one complaint from someone who had first hand knowledge. Have You. If not we should be careful of the terms we toss around. One Mans opinion.
Can anyone extend credit and report it? Or do they need to follow financial guidelines? Otherwise you yourself could start a business, sign up for equifax, trans union, and experian, loan yourself $20000 from your business to your personal self, and report it
So what's the difference between doing this, and calling up to CA to delete 30days past and other derog marks if they were actually late? Isn't that just as bad ?? I've seen a ton of people posting how 'yippeee i got xxxx removed' when often it wasn't incorrect information removed, just something that was holding down their score. Now there is a diff between removing derogs and inqs (I see nothing wrong with removing inqs, cuz personally I don't think that should even affect your score as much as it does, if at all). But many people have done their 'happy dance' after removing legit collections and other derogs... >>>The "LEGALITY" of it is NOT in question...it is illegal to falsify information about your credit and credit history. The fact of the matter is that all information must be correct on your report and that is what we are fighting for. Not to mention that falsifying information is as bad as the lying and cheating by the CRA's/CA's and I am not going to play their game. But it is illegal. You may get caught. You will most likely lose your money. Don't do it.
There is a big difference here - a creditor reporting a 30 day late for a payment that was received and posted 2 days after the payment due date is reporting a lie, yet they report it all the same. If I have a debt in collections that is being reported and the SOL has passed and I call the collection agency, they agree to delete the reporting for payment - that is on them. Nothing in the FCRA says a creditor MUST report all the information in their files - there is only the requirement that all information be reported with 100% accuracy - if a collector chooses not to report an account or delete it - no law is violated in my eyes.
