Social Business and Real Estate

Archive for September 2nd, 2010

The popular credit boosting strategy of piggybacking has been in such a controversial discussion. Having been used broadly for credit score boosting, the abused used of this method results in contra opinion from the credit scoring solution company Fair Isaac Corp. This article discussed the implication for new consideration of piggybacking as per fair Isaac Corp.’s opinion to your credit score boosting.

What is piggy backing?
Piggybacking is a method to improve credit score by asking someone who has a good credit card history to put you as his authorized user of his or her credit card. The idea is to get his or her good credit history to be included in your credit report. The other name for this method is authorized user Trade Lines.

Why was it not recommended to be used in FICO scored?
In 2007 Fair Isaac Corp the creator of the broadly used FICO scored announced hat it would stop credit score piggybacking because this method has been wrongly used and abused. It was like they announced “Stop Piggybacking!” in a printed t-shirts.

Is it illegal to use piggybacking according to FICO?
Later on Fair Isaac Corp has amended their opinion about piggybacking. The president of this credit scoring solution company has stated that they have decided to take piggybacking as consideration on credit report. Piggybacking is inline with Equal Credit Opportunity Act.

What is the impact for credit boosting strategy?
Using piggybacking to fix credit is now still the greatest way to improve score. Since Fair Isaac Corp has put into account the piggybacking in credit report it will be followed by the three credit rating companies. It means that you can use this technique to improve your credit score in Equifax, Experian and TransUnion.

This post written by Phillip Thow

The most challenging aspect of commercial lenders reacquainting them with the “basic principles” for commercial loans is probably related to the need to not only be focusing on the “old principles” but also in many “new basics” made by a massive shift in commercial loan services. It is surprising problems and changes to small business financing, and this is particularly illustrated by the current commercial climate, commercial bank bonds. Because the issues that are commercial Real Estate loans that impact is so large scale and the achievement of corporate borrowers editor, it is ideal for business owners to “back to basics” before any new business to finalize the loan.

The result that effective marketing of Real Estate financing is more difficult to find what is the biggest net result of the changes and challenges of commercial mortgages. This observation also applies to new commercial loans for the purchase of a business and commercial refinancing efforts. Very few commercial borrowers are having a candid assessment of their inability to finance the commercial mortgage is a wide variety of small businesses to provide, and it makes the almost insurmountable challenge. Read the rest of this entry »