Can You Buy a Better Credit Score?
Credit is something that we obtain through a capitalistic society. Do you think that people in less developed countries rely on a credit score? Americans have borrowed themselves into massive amounts of debt. You may want to point your finger at the housing or car market or mainly credit card companies, but the truth is they just offer credit; they don't make you take it.
Every where you look its 0% this and Bad Credit/No Credit accepted. Those introductions are very enticing. Of course some of these gimmicks are the hook that you don't realize you're caught by until the pain of the stick starts to show up on your bill. Most people don't read the fine print because the legal jargon is so hard to understand and who has the time. I love listening to those radio or television announcers who have to cram 30 words into six seconds, hope they get paid by the word and not the time.
A lot of people who have spending habits, not credit habits, are buying into this short term fix. Some companies are now offering you a chance to piggyback on someone else's credit rating if your FICO (Fair Isaac Corporation) is too low. You will pay a fee to have these higher credit individuals listed alongside your lower credit score. Why not just save your money and start to pay down some of your debt instead of hoping someone else's good name will fix yours. Credit is not like a dowry.
With all the identity theft going on in this country is stands to reason that you won't be protected if their credit gets trashed by some else. You will have to provide your SSN to be added to a persons authorized account. You don't know how private this person will be with your information; you might wind up a victim of identity theft which is far worse than a low credit score.
Most of the companies that want to help you buy a better credit score are found on the internet. Although the internet is a great tool for some things, finding a reputable company to help you with credit problems should take a more personal approach. If you can't sit down and talk with them face to face, and no, a webcam is not the same thing, then you're better off obtaining advice from a bankrupt in-law.
The bottom line is this, if you have a low credit score, and then obtain your credit report from the three main reporting firms to see that they all have the same information. They are Equifax, Experian and TransUnion.
Each legal U.S. resident is entitled to a free credit report from each of the three major reporting firms once every twelve months. The website is Annual Credit Report. The best way to obtain a credit report from each agency is to request your credit report once every three months from a different agency. This will ensure that they have the same information from agency to agency. Upon requesting your credit report you will automatically be subject to pre-screened offers for credit cards. You can opt-out at 1-888-5-OPT-OUT (1-888-567-8688) or optoutprescreen.com
Published by Jeff Rogers
My wife is a travel nurse. I write about the places we have been and the best family things to do when we got there. I'm a stay at home dad who home schools our children. View profile
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8 Comments
Post a CommentGreat info. Thanks.
Now if only it could be part of our children's high school "required course for graduation". Though we parents are responsible to teach our children about "saving money", with educating our children within their peers, would reiterate our lesson and hopefully give each child a starting chance of what to do when entering adulthood.
WOW!!! I never knew. Credit is such a volatile thing these days!
Good information. I had no idea you could do this- not that I'd want to. Thanks for including the risks involved, as without that it could be tempting for someone in a credit bind.
I would never do this, you'll get caught sooner or later.
I suffer from having no credit whatsoever. It's not bad, its not good .. I just don't have any lol.
"Why not just save your money and start to pay down some of your debt instead of hoping someone else's good name will fix yours." - from what I've read from many accounts: because paying something off doesn't necessarily clear it from your record. Many collection agencies continue to report you regardless of whether or not you made good.
Credit theft is amazingly common and on the rise. We have to be very wary when using the internet to give out our details