Can a realestate agent put fake things on your credit to up your score? How do they do that?
Posted on October 30th, 2009 by admin
No, for one thing its too long of a process and requires more intellect then what it would take to remove misreported info from a credit report. An interesting statistic from the Nationaql Mortgage Bankers Association is that 30% of credit reports contain inaccuracies. I would submit a different view, it is more likely that all reports contain around 30% inaccurate information. As to how would an agent embellish a report theres 2 ways that come to mind. Cut and paste a better score and use a photocopy. Or set up a bogus account and record timely payments. The problem is that would require a long long time to have a sizable raising of ones score. Miss a payment on anything and your score can plunge overnight. Making timely payments on one or two new accounts can only raise a score slowly and by a small amount.
October 30th, 2009 at 9:19 am
No they cannot. It is illegal (both at state and federal levels) and unethical. It can cost them their freedom and/or licence.
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October 30th, 2009 at 9:49 am
Even if they could, it is illegal and very dangerous to do. I would advise strongly against it. Instead, look at ways to legally improve your credit score (lessen debts, pay consistently, etc.)
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October 30th, 2009 at 10:37 am
No, for one thing its too long of a process and requires more intellect then what it would take to remove misreported info from a credit report. An interesting statistic from the Nationaql Mortgage Bankers Association is that 30% of credit reports contain inaccuracies. I would submit a different view, it is more likely that all reports contain around 30% inaccurate information. As to how would an agent embellish a report theres 2 ways that come to mind. Cut and paste a better score and use a photocopy. Or set up a bogus account and record timely payments. The problem is that would require a long long time to have a sizable raising of ones score. Miss a payment on anything and your score can plunge overnight. Making timely payments on one or two new accounts can only raise a score slowly and by a small amount.
References :