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"Credit Scores For Sale"

Administrator Emeritus

"Credit Scores For Sale"

Hi All,
With all of the discussion on these boards about authorized users and credit repair, I thought many of you will want to check out this article, Credit Scores for Sale, by syndicated real estate columnist Kenneth Harney.
Harney writes about online credit repair services that, for a fee, offer to raise FICO scores by adding people with low scores as authorized users on credit accounts of people with high credit scores.
And in case you're wondering, Fair Isaac opposes this and other unethical credit repair practices.
Please feel free to share your thoughts about this controversial topic with the community, while keeping the following User Guidelines in mind:

Credit Repair

FICO Forums is intended to provide helpful and useful tips for managing credit and understanding FICO scoring.  This is not the place to exchange ‘credit repair’ advice that encourages consumers to provide untrue or misleading information to a credit bureau or lender for the purpose of raising FICO scores or otherwise improving credit ratings, credit histories or credit records. Such material may be edited or removed, and egregious or repeat offenders will be banned from future participation in FICO Forums.


Thanks to all of you for visiting and participating in the Forums.



Message 1 of 14

Credit Scores for Sale--I'm not surprised

     No one should fradulantly be added to a person's account as an authorized user without the account holder's permission.  I can see how people who want to make a quick buck and have excellent credit histories and very high FICO scores would be willing to add a person as an authorized user for a fee.
   To be honest, I don't see anything wrong. Family members do it all of the time, so why not do it for a stranger, as long as it's legal, and the account holder is aware of it, and has no problem doing it. To me, as long as the person (who needs to help increase his FICO score) knows that he or she is also taking a risk because the account holder can die, can stop making payment as well, then I don't see what is unethical about it.
    Once more people become educated about FICO scoring, I will not be suprised to see ads in the newpaper by people offering to help people with low FICO scores raise them especially for people who are in a desperate situation i.e. about to purchase their dream home, and find out within 30-60 days of getting the home that a new ding appeared on their credit report or worst find out that their credit has been ruined because of identity theft etc.
Message 2 of 14
Moderator Emeritus

Think I think voiced my opinion earlier on this subject....

Think I think voiced my opinion earlier on this subject.  For me, I added my son as AU on my credit card so that he could have actual use of the card.  I have seen these offers on various sites on the web and I disagree with the practice.  The article says the AU will not have access to the card butI believe that a credit account in good standing on your report gives you the means to call said credit issuer and request a card.
Only one of my card gives e the option NOT to issue a card when adding an AU.
As one who has gone through the process of credit repair, it can be costly but it can be effective once you know the rules of the game.  From Jan to now I have increased my score by 60+ points, all by legal means.
With the FTC looking into this I'm sure that the result will be that AU accounts will no longer be considered by the FICO score as reliable sources of calculating risk, though I never believed they should be.  The result?  If it is effective for all reports with an AU.. many may see their rates jacked once their pristine records become no so pristine based on their own credit histories. 
For me, I'll take what I've earned and worked hard to repair.
Message 3 of 14
Regular Contributor

While this is legal (although to most unethical), there's...

While this is legal (although to most unethical), there's one other logistic problem. They account holder doesn't have to give you the card. If you call the card issuer and ask for them to send you a card because you're listed as an AU on the account, they will gladly oblige.
Message 4 of 14
New Contributor

My mom added me as an authorised user on 2 of her cards....

My mom added me as an authorised user on 2 of her cards. She added me to her sears card because they would not allow me to use the card to pay the fee to fix her car unless she listed me as a user. When I got the card, we both used it and I paid for things I used. She added me to the second card and I use it and pay for what I used. I do not feel guilty about getting a score increase because I play a role in the handling of th account. Another friend got a card and added me as a user and made me responsible for the account (such trust!). Simply paying to be added to someone's card while not actually being responsible for the account is a bit deceptive because your FICO is supposed to estimate how YOU handle credit...not how some random stranger that you paid does. However, I do understand how it sucks to have bad credit! and i understand why people would do that.
Message 5 of 14
Valued Contributor

I think FICO reaped what it sowed on this one. If the FIC...

I think FICO reaped what it sowed on this one.

If the FICO scoring system didn't make a credit hole so impossible to get out of, people wouldn't be driven to do things like get themselves added on as an AU to someone else's account. Reminds me of Gattaca, where people without "good" DNA actually used skin and blood samples from people with "good" DNA obtained on the black market to get jobs and housing.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 6 of 14
Senior Contributor

TNWM,   You could not be more right. Loved that flick. Si...

You could not be more right. Loved that flick. Sites like creditboards and creditinfocenter do help the little guy and gal and bring some balance to the universe.
I use creditinfocenter. It's a bit easier to get reading and started there.
CB is a deep, deep, deep well on info. I just read and search there.
Message 7 of 14
New Visitor

What? you can't sell FICO points?!

We had a meeting today and this was brought up.
Anyone ever heard of a co-signor??  Not that I would ever reccommend anyone be a co-signor, but, if one with bad credit could find a "schmuck with a pen", well... you know... Smiley Wink

Message Edited by NPugetSoundRE on 04-10-2007 03:51 PM
Message 8 of 14
Senior Contributor

A good friend will help you move.   A really good friend...

Message 9 of 14
New Member

when it comes down to it,

(AU) only workes for a score boost and it would inprove your chances for a Mortgage but, not a C.C. they see right through it
Message 10 of 14
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