Hmmmm. How they gonna do that?
For example, lenders can see the progression of a person's credit score so if they see that a score has jumped tremendously within a short period, that would be suspicious.
"Credit scores don't usually jump like that," Mr. Ballentine said. "It takes time to repair credit and to build a credit history."
ReReRag wrote:AND what about the authorized users that are really more than authorized users?? Couples living in the same household paying the same bills?? Should they be penalized because they didn't originally apply for credit together??
I exist on this planet named Earth just so I can read your posts!
AND what about the authorized users that are really more than authorized users?? Couples living in the same household paying the same bills?? Should they be penalized because they didn't originally apply for credit together??
Hammer, nail, head, contact.If AMEX and any other OC is truly concerned, they'd send out a notice to their cardholders with AUs and say something to the effect of:"blah-blah, blah-blah, FICO, blah-blah, blah-blah, unscrupulous practices, blah-blah, blah-blah.If you would like to convert
from an authorized user to a joint account holder, please call us at 800-..."This should have been the suggestion FICO made to lenders.FICO also could have suggested to lenders they have options:1) The lender could simply stop reporting AUs to the CRAs (but OCs like to screw over AUs when an account goes into default, they just don't want them benefiting while the account is in good standing.)2) The lender could notify it's cardholders it will no longer report AUs, but offer the cardholders the option to convert to a joint account (If it's an AU rental agency, not gonna happen. If it's a husband and wife, just call the 800 number to provide the OC with Ethel's SSN and DOB.)3) The lender could exercise a little prudent judgment in it's issuance process--but we're talking about an industry that issues cards to dead people, pets, kids, etc. Start by running a query against the home addresses of cardholders and AUs, and inquire about the difference.This could have been handled in an ethical manner that truly weeds out bad behavior, possibly illegal behavior, by AU rental agencies. Instead, the credit industry F's over million of innocent consumers. Age old story, repeated again and again.Next person to use the phrase ethical credit repair methods is gonna get ...