The credit accounts you use to make purchases appear on your credit report. As these accounts are lines of credit, they are known as tradelines. It is possible to have several lines of credit or tradelines, and these will affect your credit reports and make a significant difference in increasing or decreasing your credit scores.
If you need help with increasing your credit score, many tradeline companies can offer you the option of being added as an authorized user on a credit card with a reliable credit history. However, as there have been various instances of rip-offs and fraudulent schemes, you need to make sure that you are dealing with a legitimate business before you sign up with any tradeline company.
To find the best tradeline companies, you need to do the following:
Research, the tradeline company
A tradeline company that runs legitimate, above-board operations will have accreditation from the Better Business Bureau (BBB). You can visit the BBB website to check this, and also the company’s profile on whois.net. Ideally, you want to work with a company that has at least ten years of experience. One of the ways of checking how many years a company has been in business is to visit the Secretary of State website. Legal, ethical companies will appear there, in their state section, with a Credit Repair Company designation.
Read customer reviews of the tradeline company
By reading what past or current customers are saying about the tradeline company, you can get an idea of the type of service you will get if you sign up with it. You want to work with a company that is responsive to customer queries and concerns. It should also be able to advise you on which tradelines will be best for your purpose.
Check the tradeline company’s address
While the location is not an issue when it comes to working with the best tradeline companies, a legitimate company will have a dedicated office space. If the company only has a website and a P.O. Box address, there is a risk that they might take your money and disappear overnight. It is best to work only with companies which have physical offices that you can actually visit.
Visit the tradeline company’s website
Along with being easy to navigate, the tradeline company’s website should contain clearly stated information about its services. You should be able to find out which accounts it currently offers, what the credit limits are, and what the credit pricing is. When this type of information is available, it is easier to compare different companies and choose the one that offers you the best deal.
Consider the tradeline company’s rates
Different tradelines companies will have different rates. These generally depend on how old the tradelines they are offering are and what the credit limit is for these tradelines. Generally, if you want to improve your credit score, you should look for older tradelines that offer higher credit limits. However, while you want the best available deal, you should be wary if a tradeline company is offering very low rates like $50 or below. That probably signifies something fishy.
Read the tradeline company’s contract
The best tradeline companies will have official contracts detailing what you are buying from them and what they are guaranteeing you in return. They won’t try to gull you with primary seasoned tradelines and will comply with all current legal requirements. They will also make regular tradeline reports to all the three credit reporting agencies.
With legitimate assistance from the best tradeline companies, you will be able to improve your credit score and remain on better financial standing with banks and other lending institutions. A high credit score means you will be eligible for home, education, automobile, and many other types of loans as well as for various insurance schemes. You may also be able to get lower premium rates on these. Additionally, you will have nothing to worry about when prospective employers conduct credit history checks before making you a job offer. However, you should make a point of developing good financial habits—curb impulse buying and live well beneath your means—to keep your credit report and score in sound order.