TopTradelines.com is a financial services company that serves as an intermediary between individuals seeking to improve their credit history and those who would like to make a little money by helping them. The process is straightforward and perfectly legal. In essence, people who have clean and long credit card histories can earn a fee for authorizing people to be users on those accounts. People are willing to pay a fee for this service because the authorized credit account, also called a tradeline, will appear on their credit reports. Because it’s an account with a long and clean history, the credit score of person who acquired the tradeline will increase almost immediately.
How Can I Be Sure That It’s Both Legal and Effective?
According to Regulation B of the Equal Credit Opportunity Act, a piece of legislation passed in 1974, creditors are required to report authorized user accounts of spouses to the major credit bureaus. Because lenders and creditors don’t distinguish between different types of authorized user accounts, all of the accounts are reported. There was some debate recently about whether the FICO score should be adjusted to not include authorized user accounts. However, because lenders complained that doing so would violate Regulation B, it was decided that the new FICO 08 score formula will include authorized user accounts.
How Does the Process Work?
- TopTradelines.com has a database of authorized suppliers’ seasoned tradelines, accounts more than 2 years old. These individuals are ready to add authorized users to their tradelines upon request.
- An individual eager to improve his or her credit score contacts toptradelines.com and is subsequently offered a seasoned tradeline. For the service, the client pays a fee.
- Toptradelines.com then contacts an authorized supplier to arrange the order. The authorized supplier has to add the client as an authorized user within 7 days.
- Once the seasoned tradeline appears on the client’s credit report, which usually occurs within a month, toptradelines.com pays a pre-determined flat fee to the authorized supplier.
It’s a process the benefits both the supplier through the fee he or she receives and the client because of the boost to his or her credit score.