Instantcreditbuilders.com, or ICB, arranges for potential mortgage borrowers to be added as an authorized user on existing creditors open credit lines for short periods of time, just enough time to raise their FICO scores enough to qualify for a mortgage they wouldn’t have otherwise.
ICB appears to work as a broker between those with open, well-paid, and seasoned trade lines (most commonly credit cards) and a borrower in need of some extra FICO points to qualify for a mortgage or other lines of credit. Their site also offers Dunn and Bradstreet Paydex score increases. Those in need of a FICO score boost pay $900 for the first credit card account, with a discount for additional lines, while those who have the good credit accounts get paid to temporarily ‘loan’ their tradelines. As soon as the buying parties credit bureau receives the ‘boost’, the tradeline is removed.
"ICB has developed a system to counter the harmful societal impacts of an emerging market called, "subprime lending". Mob-like blood suckers under the umbrella of legitimate lending institutions are targeting those who have poor credit scores but fall short of being beyond credit risk acceptance."
A loophole in the system…
Adding seasoned, well paid credit accounts to a credit bureau effectively tricks the FICO algorithm into rewarding additional points to the overall score.
Although the site champions themselves as saviors from ‘mob-like bloodsucker’, what they are doing is falsely inflating a key factor in mortgage (and other credit) approvals, the all important FICO. ICB claims via their website that this process is completely legal and "has been used by bankruptcy lawyers, real estate agents, and mortgage brokers for years"…While this may be true in theory, don’t bet on it staying this way.
With all of the attention on mortgage fraud & misrepresentation, putting borrowers into loans they have no business being in, and now with the bright light shining on them, ICB probably has a shelf-life equivalent to a jar of mayonnaise in the 100 degree sun.
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