The THREE BIGGEST Scams
Let me start off by saying I’m not one for the rules. I hate rules. Especially rules that are stupid, bogus or completely ineffective. We have lots and lots of laws like that in this country. Thing is guys, if we’ve got a law on the books and we don’t like it we just need to change the law; we don’t need to simply disobey it. That can cause even more problems. Besides, think about it, if I’m following it and your not, or you’re following it and then I’m not, is that really fair for everybody?
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.
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Become an Authorized User
The first way to boost your credit score is really simple y’all. Go find somebody in your family or friend who you trust and the trusts you that has perfect or near perfect credit. Ask them if they will allow you to become an authorized user.
Don’t get a credit card from them, in fact when they make you an authorized user let them keep the card that comes in your name. You’re not here to spend more money you don’t have after all, you’re here to get your credit score higher in my right?
I can pretty well guarantee you guys that if you do this one thing, you will see some sort of an increase in your credit score within the third next 30 days sometimes much is 30 point just from one credit card.
Traditional & For-Profit Piggybacking
Traditional piggybacking works essentially in the way I have just outlined above. You find a trusted friend or relative to add you as an authorized user, and their card’s payment history begins to show up on your own reports assuming of course that the credit card company reports authorized users’ credit activity to the credit bureaus. That Being said,
Technically, you don’t even need to use the credit card yourself for piggybacking to work. It can be helpful to learn the basics of responsible credit by charging and paying off small purchases each month, but merely being listed as an authorized user on the primary user’s account means their payment history will likely begin to show up on your own credit reports. Again, this is only the case if the credit card company reports it that way, but that is normally the case.
And then there’s for-profit piggybacking. This is when a company can help someone piggyback as an authorized user on other someone else’s credit card. In pretty much all cases, these people are strangers to one another and are paired up. The company typically charges a fee for brokering this connection.
For-profit piggybacking can be a risky endeavor. I DO NOT advise being added as an authorized user unless you can trust the primary account holder; if you’re dealing with a stranger and a for-profit company, that trust is simply NOT going to be there, and besides there are some other risks as well, which I will discuss next.
Renting Tradelines
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 ok with you.
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.
To Access the Course Material:
Click HERE for the Ultimate Credit Repair Course! >
To Access the Free Webinar:
Click HERE to Watch the FREE Webinar! >
To Access the FREE LIST:
