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Credit Piggybacking

Credit Piggybacking

There seems to be a new term out "Credit Piggybacking" where some claim to allow you to 'ride' on someone else's credit score so you can buy that new home and so forth. Does it sound like a scam? Can it really work?

Piggybacking Credit

Yes, it works but I won't hold my breath. Banks have already shown how displeased they are and promised some changes, they call it fraud although technically is not illegal. It's just a loophole. Nevertheless, I find it to be very risky because you are providing very sensitive personal information to the person you are borrowing the card from. That alone can lead to identity theft.

Credit Piggybacking History & Civil Business Politics

It might not be illegal, but it does sound very risky. I don't know whether it is worth taking that sort of risk when huge amounts of money are involved, especially if you end up having a fall out with the other person!
I'm guessing that there's got to be a huge amount of trust involved with this as well.

Piggybacking Credit

It is practices such as this that have got many people into the binds of losing their homes. Those with less than optimal credit were able to finance over their ability to pay due to schemes such as credit piggy backing. A better route would have been to take the necessary steps to repair their own credit and in the process develop the discipline needed to maintain it. Had they done so they would be on firmer ground and not as susceptible to the current housing crisis.