Using seasoned tradelines to boost credit score has been subject to numerous controversies. Although it is a considered technically legal, many financial experts consider this credit repair trick very unethical. Recently, several cities across United States and the Federal Trade Commission are scrutinizing this unconventional method.

The concept of seasoned trade lines is relatively simple. Some people have good credit while others have bad credit reputation. Of course, those with bad credit want to increase their credit scores so they can request for loans or mortgages. Following the normal procedures, it will take them at least 3 to 5 years to improve their scores. As an alternative, they can piggyback to people with good credit reputation by becoming an authorized user of their credit cards. Once they are converted into authorized users, their credit score will dramatically improve within 30 to 60 days. Consequently, they can easily secure loan or mortgage.

What's in it for people with good credit? They are paid $100 to $150 for every account they authorize as users. Some seasoned tradelines companies lure many people with good credit by promising that they can earn more than $10,000 per month without doing anything. This method has existed for many years but did not gain much popularity until now. Most of the time it is used by many students who piggyback with their parent's credit cards. Of course, this is free! The subject of controversy is whether it is unethical to let other people use your good credit so they can convince lending companies to approve their loans or mortgages.

A simple Internet search will reveal numerous online businesses like seasonedtradelines com, offering this service to the public. While there are some legit seasoned tradelines groups, the number of scammers is significantly growing. One common aspect among these companies is the promise to improve credit scores literally overnight. Although some are subtle on this matter, they let people with bad credit believe in miracles like raising your credit score by 200 points with no effort at all or 30 days seasoned trade lines.

It is very understandable why many people with bad or low credit scores are drawn in to participate in seasoned tradelines and pay high fees ranging from $700 to $200. A good credit score means many things to many people. It can lower your interest rates, allow you to buy new homes or take vacation to your dream island, and to be considered for some high-paying jobs.

On the side of cardholders with good credit reputation, there are some big risks involve in venturing with this business. Overall, it can hurt your reputation or be demoted to bad credit once financial institutions learn your participation. However, that is very difficult to prove because we are protected by many privacy laws and Fair Credit Report Act.

Another downside of seasoned tradelines is when your so-called authorized users use your credit to settle their debts and refuse to pay you in the end. All trade line companies promise they never share the full credit card number to their customers. In spite of this, they are many ways to get this information for these newly authorized users are empowered to make some transactions on your behalf.