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Wednesday, February 24, 2016
Assignable Account Tradelines
Making Money With Assignable Accounts
Assumable Accounts For Credit Improvement
CLICK HERE TO READ "Anatomy of A Tradeline Transaction"
Because millions of American consumers are always trying to boost their credit scores there are an abundance of organizations offering to add trade lines to credit profiles. We receive messages daily from people who have gone this route only to have wasted money on an undelivered promise.
You should NEVER buy or sell a trade line until you read this.
Lets start by reviewing “What are trade lines”?
A trade line is a “line of credit” account, usually revolving.
The 2 most popular types of consumer trade lines are...
1) Authorized User: This is an account that has been opened by someone other than yourself and you are added to the account as an authorized user. You do not receive a card or any ability to use the credit line. You simply get the supposed benefit of its seasoned credit history and low balance – credit ratios. This is the most common form of trade line offered. It is borderline illegal and most certainly violates any credit card user agreement. No credit card issuer allows you to sell rights to access the account as an authorized user. Think about it. You are paying a 3rd party to act as an agent between you and a supposed person with good credit. Ask yourself, would a person with excellent credit and no financial troubles accept a few hundred dollars to add someone to his accounts? Yes, I know you are paying more than a few hundred dollars for them. These broker agents are pocketing the remainder. The answer is nobody who isn’t needing cash quickly or is experiencing credit problems of their own would sell their credit this way. So, other than the obvious risk of upfront cash, you stand the risk of this persons credit rating going down and taking you with it. Even if the account balances just shift upwards slightky it will drive your score down with the balance – that is the credit ratio worsens.
2) Primary User: This is an account that has been established with you as the primary user. This is fraud under any interpretation. The primary user MUST be approved by the credit provider! Again, its just common sense. What lender would blindly accept you without checking your credit? There is only one legal way to add you as a primary user, and this is not it.
The bureaus and creditors have become wise to this whole game and we have had many clients claiming to have paid for these trade lines that never appeared on their report at all, or were there for a month or two and then vanish. Steer clear of this whole approach. It will cause you more grief than good.
The best way to add AU trade lines to your report is to have someone you know real well (family or close friends) add you to their line. This is legal, ethical, and provides you at least some control of risk. You must select a stable individual with a strong credit standing.
There really is no free lunch, no instant fixes, no man behind the curtain. You get what you put into it. Want better scores? You need open accounts on your report. Pay on-time each month, Keep your balances as low as possible. Over a reasonably short period it can make a huge difference and put you back on track.
This is the reason why so many unworkable and incomplete methods have been offered.
Customers make themselves vulnerable to tradeline/s offers and deceptions when they become so desperate for a credit fix they'll try
any means to get it.
The truth is the concept of real assumable seasoned primary tradelines isn't that far off:
Adding positive credit to any credit file is ALWAYS a good thing.
The problem is that many of these wholesalers and brokers are selling made-up information in an attempt to short cut the credit reporting systems.
Althought based on sound legal foundations they are usually incomplete and therefore do not render the desired results.
The process of adding good credit tradelines can happen without having to commit any outright fraud. Reporting Fradulent information to a credit file will get you in trouble with Law Enforcement Authorities.
Debt factoring and Debt Purchasing Companies have been legally buying and selling tradeline portfolios for decades, and recently individual buyers and sellers have entered the debt market.
Assumable Assets was the first company to begin selling debt portfolios to individuals.
In 2009, they began the opposite of those transactions: allowing customers to take over a debt obligation (tradeline) thus it being added to the assumee's credit file.
First question, Why would a person want to take over someone's debt, Good or Bad? But, when we really did all the math and analyzed the massive leverage a person could get with multiple streams of noteworthy payment history, it was remarkable. The method is to purchase tradelines from 4th tier Zombie debt sellers for pennies on the dollar, Then deal with the original creditor again for pennies on the dollar to get the tradeline on your credit report as good credit. Imigrants just entering the US cannot originate credit in their own name and TIN, so assuming the established debt of another person is a great deal for them, They now have a credit file in their name (with instant good credit history) Legally, that stands the test. Most people see imigrants as poor destitute people, but most of them have significant amounts of available cash, and they don't mind spending $10,000's to get a Good Credit File. Another area for prospects are the EB-5 Immigrant Investors and their family members. They enter the US with at least $1,000,000 to invest.
You can research this online. The EB-5 Immigrant Investor Program a Win-Win for Foreign Nationals & U.S. Economy
Every American Citizen can use this program to become completey debt free, and even make large profits by originating debt and then selling it over and over again.
What makes Assumable Accounts so distinct from the run of the mill primary tradelines programs offered on the market, is that the process is real, legal, very transparent and complete.
Real debt forgiveness of the original account holder takes place, an actual payment is made on the obligation, and most importantly, people wanting to build their credit have the opportunity to assume obligations from multiple financial intermediaries--who handle the reporting to the major credit bureaus.
Plus the best part is that when a new person assumes a bad debt, the debt is now reported on both parties credit file as good. This is a win situation for everyone involved. Creditors are thrilled to get any on time payments, debtors are happy to be releived of their debt, and new credit builders are ecstatic to finally have a credit file with history in their own name.
Using Relationships with financial intermediaries that we used to just buy and sell debt with; we're leveraging those relationships in a way that has the potential to really balance and eliminate market inequities.
On one hand, you're releasing someone from the chains of debt, on the other hands you're granting a credit-building opportunity to a deserving and hardworking person. And the Creditors are getting paid something on their accounts.
Assumable Accounts are Commodified Debt Instruments that can be taken over by independent Debt Buyers by Proxy of consumer credit advocacy firms
The assumption of debt is benefical to individuals who have the capacity to take over new financial obligations for the purpose of enhancing their credit scores.
Assuming a debt is the only legal way that a person can gain immediate access to any credit history except by establishing a new credit account with a creditor.
Creditors are very reluctant to extend credit (tradeline) to any person that does not have an acceptable credit file and history.
However they have absolutely no problem with someone assuming an existing account especially if it's in arrears.
The secret in assuming trade lines is that they have already been uploaded as debt.
In other words they already exist, they are real and have a history attached to them.
It is not a new origination, and does not require any initial posting or additional verification by the credit bureaus. And this is worth money good or bad.
BENEFITS: Participating in an independent debt purchase transaction is the preferred means of getting access to greater financial leverage. In the modern commercial economic system people have suffered from a drastic decrease in their purchasing power, consequently causing them to spend less money. As proven by the recent economic turndown. Low rates of spending result in less sales and profit for businesses which means less investment in new businesses.
FIRST STEP TO BUILDING A BETTER FUTURE FOR YOURSELF
STEP ONE: Establishing The Financial Obligation
A financial obligation (Tradeline) is established when a lender agrees to extend credit and the borrower agrees to the terms of service ( Interest rate, length , minimum balance and payment etc Borrowers are usually able to fulfill their obligations, however some people become incapable of doing so, for many reasons. In fact, a major cause of the current recession is the outstanding debts owed to creditors. When the initial agreement is defaulted on the financial obligation becomes a debt instrument.
STEP TWO: Debt Instrument Proprietorship
When a financial obligation is turned over to a collection agency. it becomes an instrument of debt.The debt represents a financial due that is taken over by the collector. When a collection agency takes over a debt they have the obtain the legal rights to the initial obligation and are responsible for the control of the account, including debt collection, forgiveness and or reassignment.
STEP THREE: Debt Portfolio Restructing
The new owner of the debt is able to restructure the debt in order that the previous owner of the debt is forgiven of the financial obligation. The debt has already been settled by virtue of the commercial exchange, the reporting agent is able to assign the debt as financial leverage
(good credit reference on a credit report to the person to whom the debt is now assignd to.)
STEP FOUR: Independent Debt Purchase Transaction
A debt portfolio owned by a company exists as commodified debt instruments. For the most part only companies with profit interests have been able to buy and sell these instruments. Now individuals have the opportunity to participate in an Independent Debt Purchase Transaction. Instead of companies that buy debt for the purpose of collections or reselling for a profit, Debtors can sell their debt/s to Individuals who desire to assume the debt files for personal credit enhancement,
STEP FIVE: Account Assumption
An Individual who participates in an independent debt purchase transaction is given the opportunity to take responsibility for the obligation by agreeing to make payment/s on the debt in order that the new financial agreement is representative of a new credit obligation. This allows credit reporting firms to report the debt/s as existing credit obligations. (having an excellent long credit history)
STEP SIX: Increase Credit Worthiness
The purpose of the credit scoring system is to determine the likeihood that an individual will repay a financial obligation when extended credit. This requires each item being reported to a file be an actual and existing legal obligation. This process results in the enhancement of both parties credit score (Original debtor and the new debtor) because it is an actual and exisiting credit obligation that is now in good standing.
Assumable Accounts is really the only primary tradeline solution that works.
CLICK HERE For indebth information on Commodified Debt Instruments
FUNDING FOR TRADELINE PORTFOLIO PURCHASES
Individuals and small business are often find themselves at a disadvantage:
when they look to secure funding for their tradeline portfolios purchases.
We specialize in acquiring funding for our clients who are buying Tradeline portfolios.
It’s often difficult to find loans from traditional lenders to support your debt portfolio.
We remain focused on helping you take advantage of those opportunities when they arise.
Our associates professional staff presents you with loan packages designed to let you succeed.
This allows you gain leverage that is typically available only to higher-profile buyers.
But with our commitment to helping small business grow,
We stand by ready to help you to acquire the funding you need to secure your Tradeline portfolios.
This is part of the Tradeline eCourse. For no extra cost on your part
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