Tradelines & Piggybacking are EXPENSIVE & They WON’T WORK!
The three biggest scams out there today are renting trade lines which is also called piggybacking, scams that involve bogus CPN, EIN, and Social Security numbers, and simply out and out lying about having had an identity theft. In other words, crying wolf. Today I will discuss Tradeline Rentals. A totally legitimate strategy that can help you to rebuild damaged credit is to ask a friend or family member to add you as an authorized user to an existing credit card account. Being added as an authorized user could potentially give your credit scores a boost by helping to increase the average age of your accounts, possibly lowering your revolving credit utilization ratio, and adding a generally good account to an otherwise bad credit report.
There are companies that act as brokers between credit-challenged consumers and those with well managed, well aged credit card accounts. Essentially, for a hefty fee, a consumer with credit problems can pay to be added as an authorized user to a stranger’s good credit card account. You shell out big bucks, Last I checked it was between $750 and $2500 PER LINE. The broker keeps his or her hefty share, and the actual cardholder gets a little bit of the action too. Participating in such an overtly dishonest means of manipulating your credit could find you on the wrong side of a bank fraud (or even mail fraud) lawsuit with the U.S Government as the plaintiff. Good luck fighting that one, but hey, if your credit is that bad and you are that desperate, then perhaps 3 meals a day and a roof over your head for the next few years in a federal prison is okay with you.
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I would like to read you something specifically from Experian’s website. This is a quote.
“If you pay money to improve your credit scores without doing any of the work or even getting a card to use, you could be falsely representing your creditworthiness to potential lenders. With the FICO Score 8 model, which was introduced in 2009, FICO included technology to help reduce the impact of buying tradelines—so the practice may not even give you the boost you’re looking for.”
So, not only is it legally questionable, it’s also probably not going to work as of 2009. That was 10 years ago folks. I guarantee you there algorithms are even better at spotting this sort of behavior nowadays. Besides that, let’s do the math. You can pay a trade line guy let’s say $750, the lowest end of it, for a single trade line or you can do something like by my course which is 97 bucks and learn how to fix everything yourself. Even if you go with a credit repair company you may still pop out 750 to $2500 bucks but it will end up being for your entire credit report, not just for a single trade line. Seems like an awful lot of risk for very little return to me.
The bottom line is this: There are a lot of ways to repair bad credit. Scamming your way there isn’t necessary. Don’t take the risk. That Being said, Let me show you a better and Cheaper way that WILL NOT get you in trouble & Costs you WAY less!