Improving Your Credit Score By Buying Someone Else's

Check out this wild LA Times article about a San Diego company, TradeLine Solutions, Inc., that, for about $1200, effectively sells better credit scores to people with bad credit scores by putting their customers' names on paid-up mortgage loans. The company's website says its business model is "100% legal." But, according to the Times, the company's chief executive Ted Stearns concedes that other folks may not see it that way: "Are there people out there who are going to say that it's mortgage fraud?" Stearns asks. "Sure, there could be." He goes on to say that though it's "possible" that his customers might  face legal problems, but noted "that it is really hard to enforce the law." The company's website describes its services succinctly:

TradeLine Solutions is proud to be the only company offering Seasoned Primary Accounts to our customers including a Rapid Rescore! What does this mean? Now, a customer with a 550 credit score can come to us on Monday and walk into a bank by Friday with great credit ready to refinance or obtain a loan. How? By purchasing someone else's perfect credit history.

Comments

[Betty]

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Betty

http://www.my-foreclosures.info

[Real Estate Way To Wealth Dave Clocker]

I'm glad I came across this...wanted to add my comments.

This concept of selling mortgage notes to those who will pay for it is absolutely incredible and appalling! How can the company even claim it is legal?

One thing that screams out to me is that many individuals out there who are looking to buy a home are thinking too narrow-mindedly. I'm a real estate investor and teach many that there are tons of creative ways to buy even without having top credit scores. You can control a piece of real estate without requiring top scores.

[How To Read A Credit Report - Top Internet Guides]

How To Read A Credit Report is part 1 in Top Internet Guide’s new Mastering FICO series, where we explain everything you need to know in order to manage your credit. I hope the information in this guide proves valuable for your readers. -Steve

[How To Read A Credit Report - Top Internet Guides]

How To Read A Credit Report is part 1 in Top Internet Guide’s new Mastering FICO series, where we explain everything you need to know in order to manage your credit. I hope the information in this guide proves valuable for your readers. -Steve

[Debbie]

BAD, BAD, BAD PEOPLE!!! Took my $2,700.00 for two tradelines and ran! They jerked me around for nearly three months with all kinds of excuses why they did not appear on my credit report. The last communication I had with them they tried to say they did not know who I was! I finally had to report them to my credit card company for fraud. DO NOT BUY INTO THEIR SCAM!

[brad]

I dont think this practice is illegal or unethical. Fraud is the intent to knowingly obtain loans or steal with the intent to not repay the debt. I agree if people use this service to obtain loans they know they will not payback (fraud has been committed) but if i get approved for a loan of 5k at 2.9% int over 24 months and i pay exactly that back in 24 months where is the fraud ? What about people who intend to use it because they are tired of getting the 18-29% loans due to previous credit blemishes. If I benefit from this service and get a loan and repay it in the time designated by the contract where is the fraud? The banks and government may be mad that there is a loophole for now that prevents them from charging outrageous percentages loans. So the consumer or the smart consumer who is tired of overpaying for now has the upper hand.

[Karlton Spindle]

There is a FEDERAL law suit concerning this practice.

At issue is FRAUD. The case is asserting that if you "buy" a credit line and present yourself to a lender and they give you a loan based upon a false credit history, you have defrauded the lender who otherwise would not have lent to you.

Sort of hard to say its not fraud.

[Karlton Spindle]

They are a SCAM! I was taken big time and they have not delivered on what I bought. Plus what they did deliver was 9 points MAX not 20 to 35. STAY AWAY from Tradeline Solutions LLC. I even have the same call on the web site. SHAME ON THEM!

[credit rating]

How do you purchase someone else history? by getting anew identity?