How is this legal?

[JohnCU]

http://www.positive-credit.com/pcservices.aspx

You can pay someone to list something positive on your credit report?

 

[kranky]

They charge you to list you as an "authorized user" on someone else's credit card account. You don't get a card or even knowledge of the account details, so you can't actually use the account. Today, being listed as an authorized user will cause that account to be reflected in your credit score, with the idea being it will help your score to be associated with a high quality established credit line.

What they DON'T say is that the FICO credit scoring system is being changed this year precisely to foil this scheme. If you are an authorized user, those accounts will no longer be figured into your credit score.

 

[TruePaige]

Originally posted by: kranky
They charge you to list you as an "authorized user" on someone else's credit card account. You don't get a card or even knowledge of the account details, so you can't actually use the account. Today, being listed as an authorized user will cause that account to be reflected in your credit score, with the idea being it will help your score to be associated with a high quality established credit line.

What they DON'T say is that the FICO credit scoring system is being changed this year precisely to foil this scheme. If you are an authorized user, those accounts will no longer be figured into your credit score.

I assumed that company he linked is putting it as if you had a line of credit opened with them, the same as with any department store card on your profile.

It seems more likely than the auth. user thing.

 

[kranky]

No, it's the auth user deal. From their website:

We work with numerous investors throughout the nation who provide us with worthy credit tradelines that we can use to help people just like you.

 

[cKGunslinger]

Originally posted by: kranky
They charge you to list you as an "authorized user" on someone else's credit card account. You don't get a card or even knowledge of the account details, so you can't actually use the account. Today, being listed as an authorized user will cause that account to be reflected in your credit score, with the idea being it will help your score to be associated with a high quality established credit line.

What they DON'T say is that the FICO credit scoring system is being changed this year precisely to foil this scheme. If you are an authorized user, those accounts will no longer be figured into your credit score.

:thumbsup:

Although, from what I hear FICO-08 or whatever it's being called is being delayed even longer..

 

[Tobolo]

I really hope that this does get under control. I'm looking at getting a home loan soon and don't want every joe blow to have the score I do. Prolly wont matter but still :|

 

[The Boston Dangler]

i've been told multiple accounts with high exposure has been changed from a negative to a positive. if you have a couple CC accounts sitting there with 0 balance, leave them.

 

[cKGunslinger]

Originally posted by: The Boston Dangler
i've been told multiple accounts with high exposure has been changed from a negative to a positive. if you have a couple CC accounts sitting there with 0 balance, leave them.

I think utilization has always been a large contributing factor to score.

I wish I had known that several years ago when we went on a mad "get out of debt" spree. We paid off multiple cards/accounts, which was a good thing, but then I closed the accounts, which wasn't so great.