1| Is this legal?
Federal law, specifically the Equal Credit Opportunity Act, provides for the addition of authorized user tradeline, without regard for the relationship between the parties. Tradelines are avaialble to all credit consumers and there is no legal restriction placed on your ability to access this service. Credit reporting organizations will consider authorized user tradelines no matter what your affiliation is with the other cardholder.
The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant’s income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions.
2| What is a seasoned tradeline?
A seasoned trade line is a line of credit that the borrower has held open in good standing for a long period of time, typically at least 2 years. The "seasoned" part simply implies that the account is aged or that it has an established history. Tradelines include vehicle loans, credit cards, mortgages, leases, and other loans. A credit report lists separate tradelines for each account or credit card number, whether open or closed.
3| What is a piggybacking?
"Piggybacking" Tradelines is a practice involving seasoned trade lines, sometimes called piggybacking, which uses a creditworthy borrower's accounts to improve the credit rating of an unrelated third party. The creditworthy borrower adds the third party as an authorized user of his lines of credit, but does not actually provide the third party with materials (credit cards, account numbers, etc.) that would permit the third party to make charges against that account. The benefit to the third party is an improvement in their personal credit rating—their credit score increases. However, this does not change their entire credit record, but merely increases their credit score as a result of the newly added tradeline. This may make the third party look like a better credit risk, and may improve the third party's access to new credit. However, a credit score is only one aspect of the lending process; that is, the borrower must pass all underwriting procedures, which include much more than the credit scores of the borrower.
4| If I purchase, how long before I see an increase?
Typically, our clients see increases within 120 days, but often the increase takes place in 30 days. If the tradelines are not on your account within the 90 day contract, we will refund you 100% of your money back.
5| Will this addition stay on my report permanently?
Yes, the addition will reflect on your report for years. However, once your score has increased, we may remove you from the authorized user account.
6| What if nothing happens and my score does not increase?
If you do not see an increase, you do not pay a dime. We back our products with a 100% money back guarantee. We know that our system works!
7| Do you have to access my credit report?
Yes, we do. However, if you do not wish for us to pull your report, you can provide us with a recent copy that you already have. We will not pull a report without your consent.
8| How long do the Authorized User Tradelines take to post?
All AU accounts post within 5-10 days from the statement date.
9| What if the tradelines don’t post to my credit report on the date promised?
We will make sure they post on the very next cycle.
10| How long will the tradelines stay on my report?
Authorized User tradelines stay on your report 30-60 days.
11| How much will my score go up by adding these lines?
We cannot know how much your score will be raised, our average clients experience between 50 points to 100 points increase in credit scores from adding Authorized User accounts.
12| Will adding tradelines cause my credit report to be “flagged” for fraud?
No, people are added as Authorized Users to accounts all the time, this is completely legal.
13| How will I know when the tradelines are posted to my credit report?
You are required to subscribe to a CREDIT MONITORING SERVICE like creditchecktotal.com which is offered by Experian. It’s only a $1 trial to get started, but you get all of your reports and scores, and see all changes when they happen.