LARGO, Fla. — Companies that promise to raise credit scores in short periods of time are deemed fraudulent by many lenders, but according to Seasoned Trade Lines, Inc., a Florida-based, credit-repair company, the practices are highly effective and completely legitimate. Seasoned Trade Lines boosts clients’ credit by adding them to established credit card holders’ accounts; they promise to raise credit scores by as much as 100 points or more in as little as 30 days.
“Many mortgage professionals consider this type of service highly suspect stating that it is ‘tricking’ the potential lender,” Steve DeJesus, Seasoned Trade Lines, owner said. “This is just not the case. Our clients are simply authorized users on credit lines that have been maintained by our investors for years; in the process, credit scores are positively affected.”
According to DeJesus, credit card companies and credit bureaus make this activity possible. Most credit card companies that report authorized users offer their card holders an option to add authorized users who are not related to the primary card holder; some even charge for the service.
DeJesus explains the bottom line is that mortgage companies have caused a stir because borrowers are now able to acquire better credit scores. As a result, borrowers are receiving lesser rates and mortgage companies believe they are not deserved.
“The sub-prime mortgage market is booming,” DeJesus said, “and consumers are still being forced to pay unfair interest rates which affects home-buying power. Do hard-working consumers with low credit scores deserve this? Foreclosure rates are higher than ever simply because lenders are looking for larger checks from those who can afford it the least. They do not have the borrowers’ best interest in mind.”
Seasoned Trade Lines evaluates each case on an individual basis and admits that the service is not for everyone. For people with very poor credit histories, DeJesus explains that this type of service will not help, and in some cases, may make the borrower’s situation even worse.
Scores will be inflated without addressing the issues that can cause a potential borrower to have a low score in the first place. However, people who have minimal credit or prime credit and are seeking to boost or enhance it can greatly benefit.
People may try to raise credit scores on their own, but the credit professionals at Seasoned Trade Lines recommend having a credit expert on their side. That credit expert will guide the client through the credit-building process from beginning to end.
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[tags]Seasoned Trade Lines, Steve DeJesus, Florida credit repair company[/tags]
