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03-11-2018, 04:13 PM
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#21
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
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Quote:
Originally Posted by CaptTom
I'm not ready to be so judgmental about this "piggybacking" thing.
Is it ethical for credit rating agencies to gather huge amounts of personal data about me? Is it ethical that, when they get hacked, I have to spend my time and money freezing my credit? Is it ethical that any fly-by-night business can declare to the credit rating and collection agencies that I'm in debt to them? Is it ethical that they accept these business's statements without proof, forcing me again to spend my own time and money fighting to clear my name?
Making a little money from one's own good credit rating by gaming THEIR system seems fair to me.
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+1 -- Totally Agree!.... The Credit Agency thing is a Bigger Scam than we realize!
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03-11-2018, 04:44 PM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
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Quote:
Originally Posted by CaptTom
I'm not ready to be so judgmental about this "piggybacking" thing.
Is it ethical for credit rating agencies to gather huge amounts of personal data about me? Is it ethical that, when they get hacked, I have to spend my time and money freezing my credit? Is it ethical that any fly-by-night business can declare to the credit rating and collection agencies that I'm in debt to them? Is it ethical that they accept these business's statements without proof, forcing me again to spend my own time and money fighting to clear my name?
Making a little money from one's own good credit rating by gaming THEIR system seems fair to me.
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When you state it like this, it seems like a great idea.
I still would be concerned there is a trick somewhere, that would put me on the hook for mister bad credit fellow to spend my money.
I did find where the Gov't agency (FTC ?) disallowed it, but put it back pretty quickly since it affected lots of legitimate secondary users.
The FTC does say it's legal.
While tempting, the rewards don't seem too high. The reported $10,000 is probably a sales pitch.
Thing I read said: " What’s in it for people with good credit? They are paid $100 to $150 for every account they authorize as primary accounts to another user."
ftc adding seasoned tradelines to improve credit score
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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Scams I haven't figured out yet
03-11-2018, 05:47 PM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Scams I haven't figured out yet
More support for my opinion that credit scoring is a scam in general. Just a sleazy way for the credit bureaus to get income from the piles of data sitting in their files. Not to say that credit history (e.g. Payment record) is not legit, but any attempt to use a formula to "score" the history is corrupted by all these workarounds that inflate credit scores.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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03-11-2018, 05:57 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,002
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There is an entire thread on Mr. Mm where people are doing this and making $. One of the long time forum members (arebelspy) does this and tells people how to do it despite being retired and owning a ton of rental properties. No one has ever reported having anything bad happen. It is not for me as I have no interest in spending my time in this way.
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03-11-2018, 06:01 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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I’m not interested in giving someone else a fast track to better credit. Why can’t they earn it the old fashioned way?
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Retired since summer 1999.
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03-11-2018, 06:21 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,866
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Quote:
Originally Posted by SecondCor521
2. Dubya dubya dubya dot get freedom checks dot com. If you watch the video, you find out that "freedom checks" are just distributions from oil and gas partnerships. Fine, but they make it sound like free money. Why are they wanting me to buy oil and gas partnerships, and what's in it for them?
Answers welcome. There are probably others.
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Anyone happen to understand this one?
To clarify further, I'm in no danger of getting sucked into either of these. I just want to understand things.
As an aside @Teacher Terry, I'm familiar with the MMM thread and there are several reports of negative experiences with piggybacking. Recently there have been a number of people who have had their Discover cards closed.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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03-11-2018, 06:39 PM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,002
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SC: thanks for letting me know and that is interesting. I have not read that thread in awhile.
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03-11-2018, 11:24 PM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
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Just my view on the Oil & Gas:
With the oil and gas partnerships, I figure if they had any gushers, they would not sell those.
I drove by some oil pumps in IN slowly pumping, they looked pretty sad (low output) hardly moving, maybe stopped.
I would bet the only partnerships for sale are the money losing ones, they want to sell off at an inflated price to some sucker, or the really risky endeavors to drill for new oil where all the regular oil investors are refusing to invest.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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