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Primary tradelines I.E. Auto / Personal Loan etc

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Regular Contributor

Primary tradelines I.E. Auto / Personal Loan etc

I see companies out there (Scams I'm sure) selling primary tradelines like these, screw them I would never pay for that BUT that has me thinking, why can't WE add loved ones (family members with he same last name) TO our Auto's and personal lines of credit???


If they can add strangers, why can't we add loved ones?  I only ask because I'm in a great position to help my family,  I have a car loan, 45 payments left, never late loan was for $94,xxx, this would likely allow any member of my family to get **bleep** near any vehicle they wanted.

Legendary Contributor

Re: Primary tradelines I.E. Auto / Personal Loan etc

Your car loan is a contract agreement between you and the creditor.

You cannot simply modify a contract after agreement to and establishment of an installment loan by adding another to the loan.


It would require separate agreement between the creditor and other party to accept modification of the contract, and then establishing legal obligation of the other party to any default on the debt.

That almost invariably requires a new contract by way of application for a refinance via a new loan by both the parties.


There is a separate and well-estalbished procedure for "adding" a family member to revolving accounts, such as credit cards.

It does not extend to intallment accounts.

That is known as the authorized user procedure, which involves agreement by the creditor to report your account to the credit report of another, and the CRA then agreeing to include that AU reporting in the credit report of the other party.

The AU reporting is specifically identified under the account ECOA code as being the account of another party, and not of the named consumer.  It is then included in your scoring, but is not an actual account of the AU consumer.

It is usually limited only to family members, and the AU is not legally responsible for the debt.

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