A couple of weeks ago on the fox or CNN news there was a story about a man who started a company for people w/ bad credit to buy good credit. What he was doing was finding investors w/ a good credit rating to have a person w/ a bad credit hx to sign them up as a co buyer on credit cards in return the buyer ultimately ended up raising his credit score. It was considered to be legal, but credit companies wanted it to be made illegal. What is the guys name who started this company or the name or website of this company? Does anyone know any information on this subject anyway?
2007-10-26 15:09:16 · 3 answers · asked by nene 3 in Business & Finance ➔ Credit
What you are referring to is called "piggy backing", where you are added to someone's credit card as an authorized user.
Due to a number of complaints from lenders, this practice is now banned and will not be reflected on your credit reports. So DO NOT get involved in this scheme as you will be paying money and it will not help you a bit to restore your credit.
Do a search for "piggy-backing" and you will read more info on it.
2007-10-29 08:01:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It wasn't co-buyers or co-signing. It was adding the bad credit person to the excellent credit persons credit card as an authorized user. However, the rules have changed and even tho an authorized user will still have the account show on their credit report, it don't count in the score.
2007-10-26 16:27:20 · answer #2 · answered by bdancer222 7 · 1⤊ 2⤋
This is not legitimate and it won't matter now anyway! In 2008 your credit rating will not improve because someone else's credit is good.
Go to the website below and start repairing your own credit now. I had a lousy credit score of 480 and it's now 709! I did it with the help of this site and it is a good start.
2007-10-26 16:22:18 · answer #3 · answered by Anonymous · 0⤊ 1⤋