Credit Loophole Closes
August 15, 2007 by Karen Weideman
Filed under financial matters
If you want to improve your credit score by piggy-backing on a relative’s credit card account, then you’ll need to start looking for Plan B. Fair Isaac Corporation has announced a change in its FICO credit scoring system that will no longer consider authorized user accounts when calculating credit scores. (Fair Isaac Corporation is the pioneer of the FICO credit score used by most lenders to evaluate consumer credit risk.)
Adding a family member or friend as an authorized user on an existing credit card account has often been used as a way to establish credit. But some credit repair organizations have recently …read more
