The New Future of Primary Tradelines
A few months ago, our group initiated a good look at the future of the Tradeline Industry. We were concerned with the future of our affiliates, brokers, clients, and of course our own existence. We had spent a lot of money building a reputable and successful business.
After examination by our legal staff, they determined that the majority of brokers selling trade lines were committing outright FRAUD. They determined that most primary trade lines are totally fabricated and falsified accounts. This includes fake payment histories; they can and WILL be removed by the credit bureaus. This happened in July 2008 when 6 major companies and 200 brokers were completely shut down. And the worse part was that paying clients saw their seasoned credit history completely REMOVED, and thousand of dollars they spent were wasted.
Transforming to Legal and Ethical Tradelines
We came upon the answer to legal tradelines with the death of an associates Grandfather. When our associate called a credit card company to inform them of the passing of his Grandfather, he said they could not pay the balance of his account until they received the insurance settlement. The credit card company informed my partner, that they would legally transfer the responsibility of the account into his name. He found that by assuming his grandfathers account, his credit file would automatically get the benefit of 17 years of good payments not to mention a $25,000 credit line. And the best news was he didn't need to pass a credit check to transfer this credit instrument into his name.
After additional research by our attorneys we purchased auto, installment, revolving, and mortgage accounts that had credit histories up to 7 years. We then legally transferred these accounts to an established debt servicing company whose job is collect monthly payments and report credit.
The difference in fabricated and falsified tradelines and our ethical tradelines is that we allow the client to take over an existing account with a legal transfer of responsibility. By legally transferring responsibility, these accounts comply with the Uniform Commercial Code and the fair and Accurate Credit Transactions Act and they will not be removed from their credit report. Your clients will be asked to fill out a credit application, and be automatically 100% pre-approved to assume the responsibility of a primary trade line.
We have a sizeable inventory of accounts, and are equipped to handle a large volume of business. We guarantee a net score increase with all three credit bureaus. Our methods now allow your clients to permanently maintain their improved credit standing by continuing to make a minimum monthly payment of $20 per month. The Majority of trade lines stop reporting as active after 3 to 6 months, and then the credit score takes a plunge. Clients should make payment for at least six months for maximum credit score. The Clients failure to make payments on the debt or trade lines in the past was a major factor in the credit bureaus claims that the clients were never part of the debt. They may cancel the minimum $20 monthly payments at any time, but the debt servicing company will in turn stop reporting the trade lines as current to the credit bureaus. Closed trade lines continue to decrease in value each month. Remind your clients that their scores will fall but they can maintain and even increase their credit score by continuing to add longevity to each trade lines.
As always we promise that if our lines don't report on time, we will give them a free line or a 100% money back guarantee. We have been switching over to these new type of accounts over the last month and I believer it's a no-brainer, that you don't have to be part of lying or falsify information to the credit bureaus. Our accounts are guaranteed to report to all three bureaus within 30-days of reporting.