When in credit repair, things can change pretty drastically. One day you're struggling to make all your payments on time and keep your debt level under control, and the next you land on some money either through a friend, a job or elsewhere, and a lot of the things you were struggling with can now be paid for. However, some people choose to go for an aggressive approach to get out of credit repair by putting this money to buy onto another person's credit information by becoming an “authorized user”. This is being offered by some companies as a quick fix. Especially since the rise of the Internet, these method and offers has become a little bit more common. Is it a good idea?
Simply put, the law isn't against it, but when it comes to honesty and ethics, it's a whole other story. Not only are you not being honest in dealing with your credit repair, but you're kind of looking to trick the system. And besides, even on the credit reputation side of things, it's hardly believable that you're a trustable person to lend money to if the pieces can be put together to see how you bought your way out of credit repair. Creditors are not stupid, they have all that money to lend for a reason, they are financially savvy. Trying to out shark a shark can go against you quickly. None the less, here are some aspects for you to know.
Surely, credit repair is about repairing your credit so that you gain the trust of creditors again. Anyone that considers buying their way our of credit repair should consider that this game isn’t only one of numbers. If you’re one of these people that chooses to go for the quick trick to put another card or loan in your hands, consider what that could do in the eyes of the other creditor/lenders?
The credit score is a tool that’s been in place for a long time and that has prevented people who were irresponsible with credit to not be able to get their hands on credit again, so the system can only work if people are willing to remain ethical. Keep in mind creditors like their money and they reward ethical practices and punish for unethical practices. Misleading a creditor has a very close tie to fraud and that is an area to stay far away from.
Buying someone else’s credit reputation is generally far from secure and comes at huge risks to you. A social security number is generally required from you and obviously you’re then putting it out there at your own risk. To me this sounds like a trap in which an unscrupulous character goes after desperate people looking for a magical quick fixes (potentially you?), and then takes their money off of them while selling off their credit information to other unscrupulous characters.
In conclusion, don't choose to postpone your credit repair efforts by paying for one of these things quick fixes. You will be much better off putting that money on one of the key accounts affecting your credit after a thorough analysis of your credit report. Besides, since the recession, credit boosting has been under a much closer watch and the money you put in for it might not be worth it at all.
In the end, your credit repair problem is only going to come back to hurt you later if you do this because your habits won't change, so all you are really doing is buying some time without altering your credit habits . Again choosing to buy something to solve your problems is probably what got you in credit repair in the first place and the only true way out is that you take care of your responsibilities and plan a better financial future for yourself. Can you see a financial future where doing such a thing would seem completely foolish? Use that to motivate you to do the real work when it comes to your credit repair!