Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 03-11-2018, 04:13 PM   #21
Thinks s/he gets paid by the post
Cut-Throat's Avatar
 
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
Quote:
Originally Posted by CaptTom View Post
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.
+1 -- Totally Agree!.... The Credit Agency thing is a Bigger Scam than we realize!
Cut-Throat is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-11-2018, 04:44 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
Quote:
Originally Posted by CaptTom View Post
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.
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
Sunset is offline   Reply With Quote
Scams I haven't figured out yet
Old 03-11-2018, 05:47 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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.
jazz4cash is offline   Reply With Quote
Old 03-11-2018, 05:57 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 7,002
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.
Teacher Terry is offline   Reply With Quote
Old 03-11-2018, 06:01 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
I’m not interested in giving someone else a fast track to better credit. Why can’t they earn it the old fashioned way?
__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Old 03-11-2018, 06:21 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 7,866
Quote:
Originally Posted by SecondCor521 View Post
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.
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.
SecondCor521 is offline   Reply With Quote
Old 03-11-2018, 06:39 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 7,002
SC: thanks for letting me know and that is interesting. I have not read that thread in awhile.
Teacher Terry is offline   Reply With Quote
Old 03-11-2018, 11:24 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
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
Sunset is offline   Reply With Quote
Reply

Tags
scams


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Why I haven't ER'd yet sparkee Hi, I am... 18 12-02-2013 10:31 AM
ER'd but haven't had a chance to enjoy it yet. chilkoot Hi, I am... 16 05-02-2013 10:50 AM
Figured out how to save big through grad school Natesal Young Dreamers 17 08-04-2009 04:30 AM
New housing rescue bill - anyone figured it out? laurence FIRE and Money 44 08-09-2008 08:18 PM

» Quick Links

 
All times are GMT -6. The time now is 12:58 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.