A low credit score or rating can definitely lead to higher interest rates or possibly being denied in case you are shopping around for a loan or a mortgage. But there has been a loophole and buying better credit can help boost your existing low credit score. It actually works in such a manner where you are made an authorized user of someone else’s credit. This would appear in your credit report and if that particular account has a good credit history then it could definitely pull up your score. Several of such accounts being added to your credit report will increase your chances of being approved for a loan or getting a better interest rate.
Companies on the internet have been sprouting offering such services wherein you pay a certain fee in order for you to “borrow” another individual’s credit info to be included in your very own credit report. The fee can range from a few hundred dollars to a couple of thousand dollars all depending on how many accounts you wish to be included in your credit report. You will be asked for information like your name and social security number after which the company will then look for people with good credit...
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