Couldn’t Help But Notice (060607)
Here’s another story about renting someone else’s credit history:
….. Instantcreditbuilders.com, or ICB, helped (Florida resident Alipio) Estruch boost his score by arranging for him to be added as an authorized user on credit cards of people with stellar credit. They were paid to allow this coat tailing.
The pitch to those who are essentially renting their credit history for pay is seductive: You don’t need to worry about users of this service receiving duplicate copies of your credit cards, account numbers or any of your personal information. It’s essentially free money, they are told.
Brian Kinney, 44, a retired Army officer in Glendale, Calif., pulls in more than $2,500 a month by lending out 19 credit card spots on two old Citibank cards with strong payment histories. Kinney, whose FICO credit score is above 800 on the scale of 300 to 850, quit his job at a Farmers Insurance agency and uses the ICB income to tide him over until he starts his own agency.
Lenders are worried, however, that they’re taking on greater default risks by unknowingly offering lower interest rates than they otherwise would to applicants who artificially boost their credit scores.
Although the idea of helping someone with low credit score and making money on it in the process has some surface appeal, I can’t help thinking that this is dangerous stuff. What if the people added to Kinney’s accounts run ‘em up?
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State support of “quality newspapers”? Who gets to decide (and enforce) “quality”?
Hugo Chavez would love to implement this idea. Oh, in fact, he is doing just that. I guess it depends on what you mean by “support.”
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Bottom story of the day month year decade so far (which is why it’s not linked) –
“Lawyer: Hilton well after night in jail”
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Even if the measurement methods aren’t the same, this is stunning:
BRUSSELS – Unemployment continued to fall in Brussels in May. At the end of last month there were a total of 90,930 Brussels residents without a job, a decrease of 7.2 percent compared to the same month last year.
The unemployment rate was 19.8 percent, according to a press release from the Brussels regional employment agency BGDA.
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France’s turn to the center-right appears to be a lot more pronounced than Nicolas Sarkozy’s recent 53-47 defeat of his Socialist rival would indicate:
PARIS, June 4, 2007 (AFP) - France on Sunday entered a final week of campaigning for the first round of parliamentary elections, with President Nicolas Sarkozy’s right-wing UMP party set to steamroll to victory.
After winning the presidency last month, Sarkozy is poised to clinch a huge majority — perhaps even a landslide — that would allow him to push through his programme of ambitious reform in parliament.
A poll published Sunday showed the president’s Union for a Popular Movement (UMP) picking up between 420 to 460 seats in the 577-member assembly, up from its current contingent of 359 deputies.
“The left is struggling, the right is sweeping everything,” wrote the Journal du Dimanche weekly.
Who knew that the UMP already has a 62% majority?
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This is really irresponsible on the part of BHOO (Barack Hussein Obambi Obama). He should read this post and ask himself what will happen if the current immigration shamnesty bill, which he appears to support, will help or hurt the situation.
