Piggybacking question?
In order to do this, do you add the person as a joint account holder or a authorized user? When I called the credit card company they told me it had to be a joint account holder to get the account on the person's credit report. This can be reversed as well, for both joint account holder and auth user.
Public Comments
- 'Piggybacking' used to be a common practice. But just recently, Fair Isaac Corp. (the company that issues credit scores) announced it will no longer take into account any activity as an authorized user. Here's an article which provides the details: http://www.asapcreditcard.com/blog/creditnews/no-authorized-user-piggybacking Unfortunately, the 'piggybacking' loophole has been closed and you'll no longer be able to build / improve your credit history by becoming an authorized user. Many people aren't aware of these new changes... but it changed within the last few weeks...
- Unless they've already changed the reporting structure, the activity from the account should reflect on the authorized user's report. In September, the way that authorized users are reported on a credit report will be changed at that time.
- Smoovy is correct the laws are not going to be changed until September so the credit history will already be on the persons credit. Some credit cards do not report authorized users and some do. I know Discover doe's because I have been a authorized user on my Mom's card for over 23-years.
