You’re bound to hear about this program elsewhere, so I thought I’d bring it to your attention here.
Tradelinebroker.com is developing a network of people with “perfect credit” who want to “rent” their credit score to help others obtain financing at rates only available to folks with top credit. Over the life of a 30 year mortgage, this could save tens of thousands of dollars in interest. According to the website Tradelinebroker.com this allows people with excellent credit to receive $100 payments again and again by “renting” their credit history.
Tradelinebroker.com says their program is free to participate in if you meet the following criteria:
Must own and have open at least 1 account with these traits -
1. Accounts must be at least 2 years old
2. Must be major Credit Card accounts
3. Perfect payment history required
4. Credit report from all 3 bureaus must be obtained every 90 days.
5. All accounts must have a minimum credit limit of $5,000
Their website states that
We market a program that allows our clients to legally and ethically add up to 200 points to their credit score in 90 days or less, by becoming an authorized user on established credit card accounts. We have hundreds of satisfied clients, and have been in business for 2 1/2 years. This technique has been used for years by top Mortgage Brokers to help their clients raise their credit score by 100 points or more in a very short amount of time.
The promise of making hundreds of dollars by renting out your credit could be very lucrative. Consumers with perfect credit who sign up for the program need to be ABSOLUTELY sure that they know what’s going on here.
Participants in their program raise their credit program by becoming authorized users listed on your account.
In my opinion, some concerns you (and your spouse if you’re married) need to address UP FRONT with the folks at Tradelinebroker.com relate to the security of your credit and information and identity. You also want to understand how they make sure that your own credit is not hurt by these borrowers who are suddenly “authorized” users on an account.
The “dollar signs” are attractive to be sure, but I’m reminded of an ancient proverb “A good name is to be chosen rather than great riches, and favor is better than silver or gold.” Proverbs 22:1 (ESV)
Be sure you’re protected – never follow a dollar sign unless you’ve done your own thorough due diligence.
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