Credit Repair

Is It Possible to “Buy Credit” to Improve Credit Score?

If you are looking out for ways on how to , you must come across various companies over Internet who claim to help you “borrow someone else’s credit” and show the same on your credit report if you pay a certain amount of money. You may be wondering if any such thing is possible at all and if it really works. Well, as of now, it is possible to show someone else’s account history on your credit report, especially if you are an authorized user on his/her account/accounts. But, whether this method works or not is a matter of debate. There are several t6hings that you must take into your careful consideration before you try any such thing. Following is a brief rundown on some of the different aspects associated with this method.

How does it Work?

The company that offers such services to improve credit score will ask you to make a certain amount of payment that may range from just a few hundred to a few thousand dollars. The actual amount of money that you are supposed to pay will depend on the number of accounts that you want the company to add into your credit report. You will also be asked to provide your social security number along with other personal details. The company manages a list of people with good FICO score. They will make you the authorized user of those accounts. Once the credit bureaus get updates on it, it will start reflecting on your report. It doesn’t mean that the negative entries from the report will be removed; it only means that the negative entries will now have little influence on your score because of the positive payment history that the report has just been updated with.

Is It Legal?

Though this method to improve credit score sounds to be flawless, there are several problems with it. No, it is not illegal as of now, but it is definitely quite dishonest. When you use this method, you are actually engaged in activities that are misleading your lenders and creditors; after all you are showing a false picture to them. They will get an impression that you have been current in all your bill payments, while in reality, this is not true. The better score will definitely help you get low interest loans and credit cards, but since your actual financial condition is still not ok, you are very much likely to miss payments and make defaults, which will eventually worsen your FICO score. However, if you are planning to use the better credit to make the best use of the employment opportunities, this method may temporarily work for you, at least as long as it is not declared as illegal. Still, you should not forget that the companies will charge you a fortune for such services.

In this method to improve credit score, you provide your social security number to other people (whose account history you have been authorized to use). You never interact with these people and you do not have an idea who these people are. What if they are engaged in some kind of illegal activities using the same accounts? You will be in serious trouble. Buying someone else’s credit thus can also lead to privacy and security issues. For more visit .


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Posted in Credit Repair, Credit Score | 1 Comment »

One Response to “Is It Possible to “Buy Credit” to Improve Credit Score?”

  1. Peter says:

    It is very popular now a day to borrow the credit from others and improve your credit score. It sounds really exciting but whether it will succeed or not, only time can tell us. As of now the process is illegal and the whole path of this process seems to be very critical and full of flaws. How it is possible to show others accounts on your credit history? It is truly dishonest to do this. There is also another risk factor in it. You are giving all your personal information to other who can misuse these facts. One more thing is that you do not know the people, to whom you are dealing or whose account is showing in your credit history. This is totally a blind game. You will never come to know the details of the person whether they are involved in any unscrupulous activities or doing any illegal work. The individual who uses some others account details to improve his/her credit score is doing ditch to their creditors also as you are showing your false punctuality in case of payment. So I request every one NOT TO DO THIS, it is not going to help you.

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