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Established Contributor
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Registered: ‎05-31-2007
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What kind of scam is this? Tuscani, TNWM, Noah?

[ Edited ]
I found this on craiglist this morning:
 
 
Date: 2007-06-09, 10:19AM EDT


Do you need your credit score raised.
You may well know that the credit bureaus are no longer recognizing authorized users on accounts, points will no longer be added to your score.

***I can legally add a new account in your own name with credit limits from 5,000- to 10,000 at reasonable rates****
***I repeat the account is reported to all three bureaus and in your own name.

Please call ************* for more information.
 
Seems to me this cannot possibly legal much less ethical..How do they get away with it?


Message Edited by ObsessedwithmyFico on 06-09-2007 10:24 AM
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

I hope you flagged this.

The companies that do this "professionally" have very strict standards and processes. This sounds like a perfect ID theft tactic to me.
Established Contributor
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

I didn't think to flag it...but since you mention it..I will go back and do it...Thanks...I just found it suspicious.
Established Contributor
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

It has been flagged...but my one little flag is not enough to get it off the boards...and I'm sure it's posted on more cities than the one I found it on.
Moderator Emeritus
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

I am not certain it is illegal.. but it's definitely unethical.
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Re: What kind of scam is this? Tuscani, TNWM, Noah?



Tuscani wrote:
I am not certain it is illegal.. but it's definitely unethical.



As far as I know it is not illegal to do this.
 
But the recipient using the "adjusted" score to get a mortgage might be.
 
And it is unethical for both.  Smiley Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

I figure it was only a matter of time until someone got around to figuring out that the CRAs let any Tom, **bleep** or Harriet stick something on a CR. Given the lax (almost nonexistent) quality control standards (how many of us have seen mysterious collection accounts from "Agency 34cx3451490752087ac" on our CRs with no further details), the phony "credit account" is a logical development, especially with AUs about to take a dirt nap. Hell, if the people offering this are really FICO-astute, they'll report a balance around 5% of whatever "CL" they report, and make the minimum payment $1.

The CRAs brought this on themselves. They make a Byzantine maze of procedures and dead ends and endless disputes and consumer Whack-A-Mole, sooner or later people start taking matters into their own hands.

Perhaps there is a silver lining: maybe this will finally get the credit agencies to up their standards for data reporting, with some sort of certification process required for an entity to place an item on a credit report. The burden of proof should not lie with the consumer, it should lie with the entity placing an item on a credit report.
- - - -
in a credit-scoring postnuclear Stone Age...
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

This was on the news the other day...a legal expert said it wasn't illegal to sell the service, but definately illegal to use it to obtain a loan and the person would face prosecution if caught
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

"consumer Whack-A-Mole"
 
I LOVE IT! Smiley Happy
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Re: What kind of scam is this? Tuscani, TNWM, Noah?

I've seen a company pop up many times when searching for "unsecured" credit cards for low scores. The misleader goes like this.

"Apply now for your "Stored" Visa or Mastercard with a $7500 limit. Setup fee is $150. All applications are 100% approved regardless of credit history."

When you read the fine print, it states that you will never receive your credit card or have access to the credit limit. It only gets posted to your credit report. They put their $150 annual fee on the card broken in to monthly payments to keep activity. So basically the person that applies for the unsecured card really is just paying $150 to show credit history and show a $7500 CL. They never have access to the credit. I just looked for it and couldn't find it. Maybe the company was shut down. I can't see how it was legal.
If we never set higher goals we would never get as far.
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