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Credit Piggybacks Boost Customer Credit Scores.
San Diego -- Individuals with adjustable mortgages whose payments have escalated beyond their means and whose credit scores are too low to refinance are now finding a creative way to keep from losing their homes to foreclosure.
Commonly referred to as credit piggybacking, this method has been used since credit cards were created and has been in practice on a large scale for the past year. According to Ted Stearns, owner of TradeLine Solutions, which offers the service, individuals can use piggybacking to improve their credit scores approximately 200 points within 30 days. The company offering the service maintains a portfolio of trade lines, or credit accounts that have perfect payment histories. The accounts can never have a late payment for 10 years. By adding the individual as an authorized user to one of the good-standing credit accounts, that individuals credit score automatically increases.
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Source: HighBeam Research, Credit Piggybacks Boost Customer Credit Scores.