Credit Ratings For Sale

Do you know your credit score?  Did you know that if your credit score is high enough, say above 750, you just might be able to make some money from that fact?

Only a low credit score stood between Alipio Estruch and a mortgage to buy a $449,000 Spanish-style house in Weston, Fla., a few miles west of Fort Lauderdale.

Instead of spending several years repairing his credit rating, which he said was marred by two forgotten cell phone bills and identity theft, the 37-year-old real estate agent paid $1,800 to an Internet-based company to bump up his score almost overnight.

The article continues further in.

Instantcreditbuilders.com, or ICB, helped Estruch boost his score by arranging for him to be added as an authorized user on several credit cards of people with stellar credit who were paid to allow this coattailing. Parents also use this practice when they add their children to their credit cards to help them build solid credit.

This bit of information of course has many lenders up in arms, whining for legislation, natch, and let’s not neglect to mention that the major credit bureaus are also a bit perturbed.

If you want to sell your excellent credit rating for profit, though, you had better hurry.  Fair Issac is re-tooling their software, as are the three major credit bureaus, to combat this loophole.

‘Piggybacking’ roils credit industry

Posted by on 06/06 at 12:39 PM

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