Don’t Pay For “Piggyback” Credit Repair Scams Française |

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Is a higher credit score on your financial wishlist? Make sure you don’t pay a scammer to get one.

The Federal Trade Commission settled a complaint against a credit repair company called BoostMyScore.net. The case reminds you that you should beware of anyone who promises to dramatically increase your credit score.

According to complaint, the company was charging people between $ 325 and $ 4,000, guaranteeing it could improve their credit. He claimed he would do this by “charging” consumers on other people’s credit cards, adding the person with bad credit as an authorized user for someone with good credit.

“Credit piggybacking typically provides a credit increase of over 100 points for BoostMyScore customers with major consumer credit reporting agencies,” the company said in its promotional material as quoted by the FTC. “In fact, the average customer achieves a boost of around 120 points in a month or two,”

The company has enabled people with high credit scores to earn money by leasing their authorized user sites to people trying to increase their ratings.

In addition, this company is in hot water because it charged consumers up front for credit repair services. That’s illegal under the Credit Repair Organizations Act (CROA).

A credit repair company can’t charge you for services until it’s done whatever it promised. If it charges a monthly fee, the CFPB warns that he can do this to circumvent AORC, but it is still illegal.

If you have purchased a credit repair service, you have three business days to cancel your contract. It’s true whether you are suspicious of his practices or just change your mind.

Although being an authorized user is a legitimate way To build or improve your credit, doing it with someone whose finances you don’t know intimately (such as a family member) is risky. Paying someone to become an authorized user on their credit card – or getting paid by someone to do so – is not technically illegal, it is generally considered a shady tactic.

If you hope to increase your score by logging into someone else’s credit card account, always do so with someone you trust to maintain a positive credit history. This person should have a longer credit history than yours if you are hoping to increase the average age of your account to boost your credit.

And while you may see a score increase by becoming an authorized user, no one can guarantee the increase you might see.

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