Posts Tagged ‘Boost Your Credit Score’
New Consideration of Piggybacking to ,
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
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