Click on Mr. Zimmerman's previous article
Credit Boom Turned Credit Bust
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A few companies are violating the Credit Repair Organizations Act by charging hundreds to thousands of dollars to make individuals with poor credit authorized users on accounts with good credit lines, according to Credit.com.
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OK, how does that violate CROA if you follow all parts of the statute? What is it violating?
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Consumers…stand to lose with the change, namely those for whom authorized user accounts were designed: college students on their parents' cards and spouses with little to no credit of their own," according to MSN Money. "There's no way to distinguish these from…strangers trying to augment their scores. Lenders who want to find out more information about others on credit card accounts are hindered by the Fair Credit Reporting Act and privacy laws."
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And therein will lie the problem for those using FICO 08 for credit decisions.