Does anyone know DETAILED steps & dangers in allowing piggybacking of my credit thru Instant Credit Builders?

Question

I want to hear from people who have actually lent out their credit lines and earned money through ICB. What is the exact process you have to go through, how much do they pay, how much personal information do you have to divulge? Who has access to your info? Can you think of any risks involved in this?

I've read the article on Yahoo as well. I realize that the person who is piggybacking will not have access to my cards or any sensitive information, except for what they may see on their own credit report (basically my account number). What I really want to know is what info will Instant Credit Builders have on me? How much do I divulge to them and what they might do with that info?

Answer 1

The first poster simply doe's not know what they are talking about.

There was a very good article on Yahoo the other day about this and the company pays between $100.00 to $150.00 per account.

The other person doe's not have access to your account, they never even get a credit card. Your good pay history simply shows on their credit. It doe's not effect your credit at all.

The FTC is looking into making this illegal as we speak and the credit bureaus in September are going to change the way they compute scores to stop this practice.

So if you are going to use this service? You need to do it quickly.

As far as what information you must give them, it will be the same as any other credit application. They have to have access to your credit report so they can see how good your accounts are. This is how they determine how much you will be paid. The better the accounts, the more money they pay you.

They are forbidden by the Privacy act to give out any of your personal information.

Answer 2

Save your time and effort. From Mortgage News Daily....

The phenomenon may not last long. FICO announced on June 12 that piggy-backing will soon come to an end on its watch. In September, when the company issues an updated version of its credit score system, the authorized user category will no longer have an impact on credit scores. It appears that this change will be retroactive, thus rolling back the scores of "authorized users." This will, of course, also affect the scores of the kid who might benefit from a brief period as an authorized user of his father's card but FICO feels that no more than 25 percent of credit scores will be impacted by the change. And maybe putting Junior on dad's card is no more a legitimate use of the credit scoring system than if dad were renting out that slot for $150.

Note the part where it says this change will be RETROACTIVE ??? Any money you pay to have this piggybacking done will be wasted, since the systems are being designed to bring back down the credit scores of anyone who used this ruse.

Answer 3

The danger should be obvious -- the poor credit risk on the other end has access to YOUR credit! And of course, their bad credit will drag YOUR score down. I can't imagine a dumber business model, unless it's the hapless rube that allows his or her good credit to be used to bail out an unknown BAD credit risk!

If this isn't illegal, it damn sure SHOULD be!

To the poster below: If you allow someone to be added to your credit line they CAN get access to the credit line! Maybe the firm tries to "protect" your information but if gets out into the wild you'll have a hard time claiming innocence since YOU authorized the other person's name to be added to YOUR account.