What is piggyback credit??
I have heard of people letting you use them as co-signers. For such things as credit cards and student loans. These people are strangers with good credit to offer people like me that need the help. Does anyone know anything about this? If so, please let me know anything you can.
The Answer : Most of the answers are half right....they have a general idea but don't have all the facts.For several years some of the "credit repair" companies have been using a scheme where they will pay someone with excellent credit to allow someone as an authorized user to their card. That way, the good credit from the main user is passed on to the "co-signer". This practice is not illegal....it's just a wide loophole in the user agreements. No, congress is not taking any action on this.....if they did it would take forever to pass any laws. But the credit bureaus are going to begin monitoring this practice and not allow alternate users to take advantage of this any longer. Last I read it would happen in a couple of months. So at this point there is no advantage to doing piggybacking.
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