Here in NextAdvisor we have been involved in the credit report and monitoring business for some time and have seen many solutions that claim to be miracle cures for credit scores is low. A popular techniques in recent years has been so-called "piggy bank credit support" where companies consumers connect with credit scores low with consumers with higher credit scores.
consumers high score add to the consumer low score in one or more of their existing credit accounts as an "authorized user" for a fee. the idea is that some of the positive credit history score high will be transferred to the lower score. the principle is similar to the way a parent can add their children to an existing credit account or co-sign a loan for them to help them start their credit profile. the difference with stand piggy bank credit is that the two people involved do not know at all.
lenders and credit bureaus have identified this loop hole and are taking steps to eradicate it. FICO announced last summer that they would take steps to eliminate any positive impact of "authorized user" credit scores credit. This change will be retroactive and FICO estimates that about 25% of credit scores will be affected.
We firmly believe that the best way to improve credit scores is to adopt healthy credit habits. The first step is to learn about the contents of your credit report buy sign for a credit report and a monitoring service. You can learn more about the credit report services by reading our guide credit report online free.