Any comments and experiences would be appreciated.
2007-10-29 05:03:55 · 5 answers · asked by HDTV READY 1 in Business & Finance ➔ Credit
I used it and it raised my score 95 points in 45 days. Truth be told, FICO which provides scores to Experian is the only bureau supposedly to have changed in September though I have seen no evidence that they have (they sometimes run 45 days behind.)
The other 2 bureaus are set to change their scoriong model calculations in the spring. You can still achieve a high "mid-score." I used www.totaldebtsolutionsllc.com They have a free evaluation form and decided the tradeline program was a better idea than some long, drawn out form of credit repair. Good luck.
2007-10-30 03:16:52 · answer #1 · answered by Nicki W 2 · 0⤊ 0⤋
For those who don't know, piggybacking is when a person with good credits adds someone with less than perfect credit to their credit accounts with the hope that it will help boost their FICO scores as they apply for financing.
I personally feel it's unethical. What people are doing is helping other people secure loans by misrepresenting their credit history. These people are in reality higher credit risks and have a higher tendency to default on loans. we all wind up paying for loan defaults in the long run and it's part of the reason we are in a credit crunch right now.
2007-10-29 12:11:00 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
In September of this year, the credit bureaus stopped factoring in alternate users for credit scoring purposes.
I do not see it as unethical. When a company you have no control over suddenly has total power over your life, you should be able to use whatever methods are within your means to fight back. The piggy-back method was a legitimate, legal loophole in the "system" that allowed you to improve your credit score.
Remember, this company is using some sort of secret formula to calculate whether you are a deadbeat or not, and you have no power to dispute or challenge it. You may be an excellent credit risk, but due to their weird formula you are not.
Who is being unethical here???
2007-10-29 16:45:34 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I have never used it but have had friends that were able to be added to a relatives credit card and never had a card and within about a year they had increased their score by about 175 points. I say use whatever helps to get that score up. These days everything uses your credit score to help decide what you can and cant do. I had made mistakes when i turned 18 with my credit and it took me a few years to get it back to where it was. Just be sure to go with someone that you trust, and just put your name in there. I dont think it works like it did anymore though. Just use common sense when you are dealing with your credit.
2007-10-29 12:20:31 · answer #4 · answered by matt_archbold2002 4 · 0⤊ 1⤋
The FICO formulations have changed, and you can not longer improve your credit be piggybacking on someone else.
And even when you could, it was unethical. The best way to good credit is paying your bills!
2007-10-29 12:17:06 · answer #5 · answered by Mike 6 · 1⤊ 0⤋