Monitor and stay informed of significant changes to your Business Credit Profile.


Business Credit Monitoring


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![](/images/credit-gdcdf3d969_640.jpg)

Have you heard either of these terms before? They both have to do with your
credit report, but each serves its own purpose. The main difference between the
2 is who is responsible for paying balances on the accounts. Read on to find out
more!

#### **What are Primary Tradelines?**

Primary tradelines are the credit accounts that are opened in your name where
the creditor has extended credit to you. You are responsible for the transactions
that occur on these tradelines. These are the kind of tradelines that most of you
are likely familiar with.

#### **How Do Primary Tradelines Help My Credit Score?**

There are 5 main factors that are used in calculating your credit score. These
include Payment History, Overall Credit Utilization, Credit History Length, Credit
Mix, and Amount of Inquiries. Primary tradelines are one of the main items on
your credit report, so they will affect each of the 5 factors listed above. If you
would like to learn more about the basics of your credit score then check out our article titled, ["Your Credit Score & What it Means to You"](https://www.financerants.com/blog/improve-your-credit-score/)
.

#### **Can Buying Primary Tradelines Repair My Credit?**

If you could buy primary tradelines than yes, they would greatly help improve
your overall credit profile. Unfortunately, primary tradelines can not be
purchased since the original owner is the only one who is responsible for the
account. But don’t fret, there is something called an Authorized User tradeline
that can be purchased and can help to diversify your overall credit profile!

#### **What are Authorized User Tradelines?**

Authorized user tradelines are a revolving credit card account onto which an individual is added as an authorized user. They are typically revolving lines of credit on which someone places another as an authorized user account holder. The
account will report to the client’s credit report and can help to increase
average account age, improve payment history, and lower utilization depending on the client’s
specific needs. This proven method has helped countless people improve their
overall credit profile.

#### **Do People Actually Buy Authorized User Tradelines?**

The answer to this is ABSOLUTELY! People have been legally buying and selling
authorized user tradelines for years to help bolster their credit profiles. The
important part is to make sure you are doing business with a reputable company.

#### **What to Know Before Buying Authorized User Tradelines?**

One of the most difficult decisions when it comes to
authorized user tradelines is choosing which company to purchase them from. There are many
dishonest businesses out there who may not provide the services that
you expected. This article is meant to provide you with an introduction to authorized
user tradelines and how they could benefit you, while also providing a safe,
proven marketplace to purchase them from.

Before purchasing a tradeline it is important to make sure
you have a copy of your up-to-date credit report for all three major credit
bureaus including Transunion, Equifax and Experian. This will allow you to be
able to make an informed decision when it comes to choosing which tradeline
will serve you best in your specific situation. Tradelines usually can make the biggest difference when being added to a blank or nearly blank credit profile. If there are many negative items such as collections, charge-offs etc. a tradeline may not be able to make much of an impact. In those situations you may want to address the derogatory items prior to adding a tradeline. 3FreeScoresNow.com provides clients a free 7-day trial which includes a 3-bureau credit report among other
benefits.

#### **Best Authorized User Tradeline Companies**

Why don’t we get right to it? The top of the list, the cream
of the crop, the best of the best, Tradeline Supply Company! This company has been
in business for many years and are in my opinion one of the best, safest
tradeline companies out there. Not only do they offer authorized user
tradelines for sale, but they also provide free educational resources to make
sure that clients are well informed before making a purchase! Tradeline Supply
Company has one of the largest inventories of tradelines to meet any client’s
specific needs. Although prices may be a bit higher than other alternatives, it
is well worth the money for the extra peace of mind and resources available to
customers on their website. Another important feature of Tradeline Supply is
their guarantees policy which clearly lays out what they do and do not
guarantee, which helps to prevent misunderstandings and confusion in this all
too often confusing business. Don’t take my word for it, check them out and see
for yourself!

[<img src="https://www.tqlkg.com/pb115nswkqo9JCFHIBF9BDFIHEEC">](https://www.kqzyfj.com/9b108hz74z6MWPSUVOSMOQSVURRP)

Another GREAT authorized user tradeline company worth discussing is Tradeline
Genie. Tradeline Genie has been in the business for years and has extensive,
industry specific knowledge as well as a history of great customer service! Their
website is located at [TradelineGenie.org](https://tradelinegenie.org) and is very easy to navigate. It also has a great FAQ section that should
answer any questions you may have. My favorite thing about Tradeline Genie is
the amazing prices! Their tradeline prices are unbeatable which is why they are a
great choice for the budget conscious consumer. Also, they have a great
cardholder program where you can make passive income while helping others to
achieve their financial goals! If you are interested in this program, please send
them an email at [Orders@TradelineGenie.org](mailto:orders@tradelinegenie.org).

![](/images/OIP.jpg)

Hopefully I given you a better understanding of the difference between primary tradelines
and authorized user tradelines. Although they have distinct differences, they both
play an important role in the calculation of your credit score. If you would like to
learn more about how you can improve your credit score, visit our article titled,
[“How to Improve Your Credit Score”](https://www.financerants.com/blog/improve-your-credit-score/).


Primary Tradelines VS. Authorized User Tradelines

Now that you have a basic understanding of what a credit score is and
how it’s calculated, we can begin to look into maintaining and/or improving your
score. Don’t be overwhelmed, it can be a time consuming and stressful process
but as stated earlier, in the long run it can save you A LOT of $$$ and WILL
improve your financial wellbeing!

**1. Pay your bills on Time (If Possible)**

I realize that sometimes this is easier said than done.
Emergencies happen. LIFE happens. Many lenders realize this and offer differing
types of hardship plans whereas you can work your way back to a positive
status. ALWAYS check with your lender before discontinuing your payments
altogether.

**2. Make sure to actively check your scores and reports to keep up with any errors
that may arise.**

Credit Karma updates AT LEAST every 7 days, so check it
EVERY 7 DAYS. The quicker you can catch a problem, the quicker you can begin
working to resolve it. This is in my opinion one of the MOST important steps in
raising and maintaining your score.

**3. Lower your credit utilization as much as possible.**

Most experts recommend keeping your overall credit card
utilization below 30%. Lower utilization can let lenders know that you are able
to responsibly use your available credit without relying too heavily on it and
may lead to higher credit scores!

**4. DO NOT CLOSE OLD ACCOUNTS! (Even if not in use)**

Closing accounts that you no longer use can affect 2 of the
5 credit score factors discussed earlier! These factors include utilization AND
length of credit history. This will result in a likely credit score drop in
many circumstances. The only situation where I would suggest closing accounts
is if you feel that the urge to make purchases on the card is too great.

**5. Authorized User Tradelines**

In case you aren’t familiar with what tradelines are and
how they can help you improve your credit score, here are the basics:

According to experian.com a tradeline is an entry by a
credit grantor to a consumer’s credit history maintained by a credit reporting
agency. A tradeline describes the consumer’s account status and activity.
Tradeline information includes names of companies where the applicant has
accounts, dates accounts were opened, credit limits, types of accounts,
balances owed and payment histories.

An authorized user is someone who is given access to an
account as a user, but is not responsible for the balance.

The term “Authorized User Tradelines” just means credit
card accounts in which someone is added onto as an authorized user.

Tradelines have been used for many years as a credit
enhancement technique. A person can pay to be added as an authorized user for
the sole purpose of having that account’s history added to their credit report.
As long as the account is in good standing, this can have a drastic effect on
the user’s credit score.

![](/images/credit-gdcdf3d969_640.jpg)

### **How Long do Negative Items Stay on Your Credit?**

Most of us have experienced some sort of financial
hardships in our lives right? I know I have! These temporary situations can end
up wreaking havoc on your credit score.

Some examples of negative information include
delinquencies, foreclosures, bankruptcies, unpaid judgements, and charge-offs
to name a few. The majority of negative items stay on your report for a period
of seven years. Bankruptcy is the exception to this rule, staying on for up to
10 years and knocking 130 to 150 points off your credit score, according
to FICO.

Also worth mentioning are hard credit inquiries, otherwise
known as a “hard pull”. These are normally generated when you apply for a
credit card, auto loan, mortgage, personal loan or other lines of credit and
stay on your report for 2 years. Such inquiries aren’t inherently negative
information but can deduct a few points from your credit score. It is likely
that inquiries of a similar nature such as mortgage and/or auto loans made
within a one to two week period will be combined so that they only count as one
inquiry. Make sure to keep this in mind when car or house shopping so as to
lessen the negative effect on your credit scores!

Around 25% of U.S. consumers found errors that could affect their credit scores in one of their credit reports, according to a 2012 study by the Federal Trade Commission. Once you identify an error on your credit reports, the Consumer Financial Protection Bureau recommends that you contact the credit bureaus that produced the reports with the error. Equifax, TransUnion and Experian, the three major credit bureaus, let you dispute inaccuracies on their respective consumer credit reports online or by mail. The addresses for disputes are as follows:

Equifax

P.O. Box 740256

Atlanta, GA 30374-0256

Experian

P.O. Box 9701

Allen, TX 75013

TransUnion

P.O. Box 2000

Chester, PA 19016

You’ll find [sample letters](https://files.consumerfinance.gov/f/documents/092016_cfpb__CreditReportingSampleLetter.pdf) to dispute credit report information with the credit bureaus on the CFPB website. I
suggest sending the letters via Certified Mail to ensure receipt.

#### Errors on credit reports can include the following:

- Identity-related errors such as a
  misspelled name, wrong phone number or address, or your information incorrectly
  merged with another person’s credit record



- Incorrectly reported accounts,
  such as a closed account reported as open or an account wrongly reported as
  delinquent

- Account balance and credit limit
  errors



- Reinsertion of inaccurate
  information after it’s corrected

The CFPB also recommends that you contact the company that
provided the information to the credit bureau (credit furnisher) such as a bank
or credit card issuer. You may also send a dispute letter to them.

Whichever method you use to dispute errors on your credit
report, be prepared to wait up to 45 days for the credit bureau or furnisher to
investigate and respond.

Once the investigation is
complete, you’ll receive an update with the results. If your dispute is
successful and your credit report changes, you’ll get a free copy of your
credit report in its updated state.

Don’t be shy. If at first you
don’t succeed, try, try again. If you send a dispute letter and it doesn’t
work, try to initiate the dispute online or vice versa. Come up with your own
ideas and see what happens! If there is a mistake on your credit report, you
deserve for it to be corrected right? 
Absolutely!

If after exhausting your options with the credit bureaus
and/or credit furnishers and you’re still unsatisfied with the result of your
dispute you can submit a complaint to the [Consumer Financial Protection Bureau](http://www.consumerfinance.gov/complaint/#credit-reporting)
(CFPB).

Next Steps…

Now that you are on your path to credit score
enlightenment, the only thing left to do is take what you have learned and use
it to maintain or improve your own score. It may seem like a lot to digest but
I guarantee you once you see the impact a good credit score can have, you’ll be
glad that you took the time to educate yourself.

How to Improve your Credit Score

Your credit score is a big part of your life whether you like it or not! It has a direct bearing on everything from interest rates on loans to the size of an initial deposit required to obtain a smartphone, cable
service, utilities, or to rent an apartment. That being said, don’t you think
it’s in your best interest to have a complete understanding of what YOU can do
to improve your score? I’ll answer that one for you, it is…

Continue on for some tips and tricks to start you on your
path to a better score but first, let’s get back to basics!

**What is a Credit Report?**

According to the Consumer Financial Protection Bureau, a
credit report is defined as “a statement that has information about your credit
activity and current credit situation such as loan paying history and the
status of your credit accounts.” These reports contain information such as
credit accounts, personal information, collection items, public records, and
inquiries. The main three credit reporting agencies that generate these reports
include Experian, Equifax, and Transunion. 
The credit score, as we will get into next, is derived from these
reports.

**What is a Credit Score?**

First off, let’s cover over the basics. A credit score is
defined as a numerical expression based on a level analysis of a person's
credit report, to represent the creditworthiness of an individual. Basically,
it is a measure of your ability to repay your debts. The credit score was
created by the Fair Isaac Corporation, better known as FICO. There are other
credit scoring systems in place, but FICO is by far the most common, so that is
the one we will be focusing on from here on out.

What I suggest doing at this point if you haven’t already, is
to obtain a copy of your credit reports and scores so you can reference them as
you go through this article. There are many places to get this information, the
easiest in my experience being FreeScore360.com. It’s free for 7 days and will give you immediate access to your 3 updated credit bureau reports. Click the banner below to access the free 7 day trial offer. Just be sure to cancel before the trial is over if you do not want to pay.

Another option is AnnualCreditReport.com which allows you
to obtain a free copy of your Equifax, Experian, and Transunion credit reports
once a year. This will allow you to start the process of isolating the items on
your report that may be negatively affecting your score and mitigating those
items as best as possible. We will discuss that in more detail later.

**The FICO score range is as follows:**

![](/images/creditscorepic.jpg)

**Credit Score Factors**

There are 5 factors that go into calculating your credit
score, some being more important than others in regards to the impact they have
on your score.  These factors include
Payment History, Total Amounts Owed (Utilization), Length of Credit History,
Credit Mix, and New Credit. Each factor comprises a different percent of your
overall credit score. The percentages are as follows:

- Payment history counts for 35% of your score
  and shows whether a person pays his obligations on time. This, as you can see
  is the MOST INFLUENTIAL factor in determining your credit score. Always make it
  a priority to pay at least the required minimum payments on any outstanding
  debts.



- Total Amounts Owed (Utilization) counts for 30%.
  If you are using a lot of your available credit, this may indicate that you are
  over extended and banks may interpret this to mean that you are at a higher
  risk of defaulting.



- Length of Credit History counts for 15% and as
  you may have guessed, the longer your credit history, the better the effect on
  your score.



- Credit Mix counts for 10%. This mix includes
  credit cards, retail accounts, installment loans, mortgage loans and finance
  company accounts. It is not necessary to have each of these, but a healthy mix
  is likely to have a positive impact on your score.



- New Credit counts for 10%. It factors in how
  many new accounts a person has, how many new accounts they have recently
  applied for and when the most recent account was opened. A new account can
  potentially have a negative impact on your credit score as it will lower your
  average account age, which can have a substantial effect especially if you
  don’t have a lot of other credit information.

_“Real World Perspective”_

To help you get an idea of how important a good credit score is, take note of the
following example:

> Let’s assume you have a 5 year loan. The interest rate for auto loans can range
> anywhere from a low of around 3undefined. To put that into
> perspective, the total interest paid over the life of the loan for the 3% rate
> would be $2,343.64, while the total interest paid for the 20% rate would be $17,688.99,
> a difference of $15,345.35!

If you would like a free copy of your 3 credit bureau reports and scores, visit 3FreeScoresNow for a special free 7-day trial offer:
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Primary Tradelines VS. Authorized User Tradelines

How to Improve your Credit Score

Your Credit Score & What it Means to You