Credit Score “Piggybacking” Has Returned
The phenomenon known as authorized user piggybacking has returned. If you are unfamiliar with the term, it is when a person with a good credit score allows a person with either no credit or bad credit to be an authorized user on his credit card. The authorized users with little or bad credit receive the benefit of the main account holder’s high credit score. The Fair Issac Corporation had stopped using this methodology as a component of its FICO credit scores back in 2006 after discovering many abuses to the system.
Head on over to creditcards.com to read more.
July 31st, 2008 by Matt
Posted in Credit Cards, Credit Scores