I come to you today because there’s a lot of clients that come to us and they mention certain names that kind of piqued my interest and what I don’t want you guys to do is get screwed over. So I’m going to talk about the first name that you’ll hear in credit that I’d like you to stay away from and I’m going to elaborate on this one a little bit.
We hear this a lot. Do you guys do primaries?
In the credit industry, and I’ve been doing this for a long time, we are talking about the word primary.
What a primary means in the credit world is an individual account that somebody could add to your credit report with post-backdated information.
Meaning you’ll hear these, “Oh, I do autos, I do mortgages, I do lines of credit.” These are primaries okay?
So somebody is saying to you that they’re going to put on something, has years of history on your credit report and it’s going to show up on your credit report with backdated history.
Number one, the first thing you need to know, it is illegal for someone to put an aged primary on your credit report that you did not actually apply for it.
Number two, I’ve been doing this almost a decade and I have seen one or two in my entire career actually report.
There was a company many years ago that was actually doing these and they were reporting.
But think about that, with the number of clients that we have and the amount that brokers that I deal with on a daily basis, you don’t know how many people come to me. “Mike, I’ve got primaries,” I don’t want to deal with it.
I don’t want to deal with someone saying they can put a primary on my account that is aged.
So if someone says I got primaries, I would suggest running the other way.
The chances of that line actually reported to your credit Bureau is probably about 1%. Stay away. It’s a huge scam in the credit world and it costs a lot of money, usually upwards of a thousand to $1500 bucks to have this line report.
The second thing that I want you to stay away from is a word called CPN.
It’s also known as the Credit Protection Number. Also, you may hear SCN, which is a Secondary Credit Number.
This started many, many years ago where politicians and a lot of the high profile NFL stars and celebrities would take this number, attach it to their social. Instead of giving out their real social security number, they would attach this credit protection number to their social, which would have not allowed them to actually share with their social with everybody else.
So by doing that it would still go back to their social.
Today’s black market. People have found an underground market to be able to purchase these and not only that, you can purchase them and add trade lines to them which are not attached to your social.
Everything we do here, we run through LexisNexis to make sure that the person who is ordering the line is actually, in fact, the person that shows up on LexisNexis.
We have an account with LexisNexis.
We are scrutinized for over six months to be able to get that platform and you know they’re stringent. I can tell you what you ate for dinner last night with this system. It’s what the FBI and IRS use!
LexisNexis is not something to mess around with, but here’s the deal.
When you put in a trade line order, we’re going to run everything through LexisNexis.
If your name is John Smith and it comes back as Cindy, I can promise you, it will not add a tradeline to your credit report.
Stay away from CPNs, especially with a service that we have that is so amazingly fast though, why would you even mess around with those?
It’s a headache, wasted time and just outright like garbage in my opinion. Stay away from them, stay clean, fix your reel and move on with your credit life.
Number three, you’ll hear a word called tradelines.
Now this one, also known as the authorized user, or piggybacking, nothing wrong with this one. So when I started this video, I said some you need to be worried about, but trade lines are completely fine.
A tradeline is an authorized user that we can add to your credit report, aged or not aged because it’s not your account.
We’re taking the perfect payment history of somebody else that has great credit, low utilization, and never missed a payment and then reporting that information onto your credit report.
So in other words, if it’s a $10,000 Citibank card with five years of history, we’re going to take that 10,000 credit limit and five years of history and we can put it onto your credit report.
It is not going to be shown as a primary, which makes it completely legal.
It would just be like going through college and your parents add you to their old Capital One card. You can go back as far as you want in age and the highest the credit limit as you want.
That name, if you hear trade lines, piggy-backing, AU, authorized user, completely legal and absolutely something that will benefit your credit report.
Number four, credit sweep.
Now, this terminology is used a lot. A lot of people use it.
The sweep, what a sweep implies is that everything’s going to come off and that’s certainly not the case.
What we can challenge is anything that is inaccurate, obsolete, incorrect, unduly unfair, anything that is misleading, anything that you feel and we feel is not supposed to be on your credit report, but we’re not going to imply that everything is coming off your credit report.
We’ve got amazing software and proprietary methods that we use to remove the information, but we’re going to do it the legal way.
In fact, we do it, one of the only companies that do it the right way and the legal way, and we don’t charge you until services are rendered 60 days later. We have a combo, get a tradeline and the credit repair, no charge upfront.
60 days later we take care of the payment.
So stay away from the verbiage sweep and look for companies, because sweep again applies, everything is coming off and certainly nobody can promise that.
These are the four names that I want you to be aware of and just to understand, been doing this a long, long time.
And if those names come across your desk or on the phone, just watch this video so you know exactly what you’re looking for and how to stay away from trouble.
Thank you, guys.
My name is Mike from Wholesale Tradelines.
Post comments below. If you have any questions on this, give me a thumbs up!
I appreciate you watching. And until tomorrow, take care.