The Definition Of A Tradeline
Theres a term in the credit world called a tradelines.
Tradelines are an account listed on your credit report. For example, a credit card, car note, student loans, or a mortgage are all considered tradelines.
Benefit Of Credit Piggybacking
Broad regulations and legal loopholes allow for you to benefit from being an authorized user on another personal tradeline (also known as a credit piggybacking).
The issuing bank reports the positive credit history including the age of the account, the limit of the tradeline and the positive payment history to the select credit bureaus of their determination.
In other words, once you are added as an authorized user to an account, the history of that account appears on your credit report and will be treated as if it was your credit history.
It makes no difference whether the parent adds his or her child or a perfect stranger. That father or mother with the credit card can add anyone they want onto their credit card as an authorized user.
The practice of piggybacking credit has existed since 1974ish. It is made possible by a law that was signed into law that year called the Equal Credit Opportunity Act of 1974.
The Federal Reserve Regulation B, which implements the 1974 Equal Credit Opportunity Act, requires that information on spousal authorized user accounts be reported to the credit bureaus and considered when lenders evaluate credit history. Since creditors generally furnish to the credit bureaus information on all authorized user accounts, without indicating which are spouses and which are not, credit scoring modelers cannot distinguish spousal from nonâ€spousal authorized user accounts. This effectively requires that all authorized user accounts receive similar treatment. Consequently, becoming an authorized user on an old account with a good payment history, may improve an individual credit score, potentially increasing access to credit or reducing borrowing costs. As a result, the practice of a piggybacking credit has developed.
Source:
Finance and Economics Discussion Series
Divisions of Research & Statistics and Monetary Affairs
Federal Reserve Board, Washington, D.C.
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Tradelines listed here are publically available. Some are unpublished and reserved for affiliates and may also be available to you, so please ask if you don't see what you need. All tradelines listed have a balance below 10% (unless otherwise notified). Prices are subject to change without notice. Tradelines listed below are small part of our total inventory go to http://tradelines.biz get our fully updated weekly list.
Capital 1 8k 2014 13th $430
Chase 42k 7yr 15th $690
ss only Capital 1 2k 2015 18th $370
Chase 1.4yr 11.5k $390
11th Lowes 6.5yr 2k 22nd $395
Carecredit 3.2yr 5k 16th $395
Capital 1 2k 6yrs 15th $390
Barclays 10k 3yrs $470
26th Discover 6.7k 8.6k 27th $470
Carecredit 9 months 5k 24th $295
Barclays 14k 5th 2yrs $470
Our tradelines give you the opportunity to increase your credit score by being added to positive account (or a tradelines as an authorized user. If you are looking to increase your credit score to secure a mortgage, auto loan, etc., you've probably sought tradelines for sale. For more information and/or a free consultation feel free to call us at 202-213-2218 or get our free weekly list @ http:/tradelines.biz.
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