The 2008 we experienced the housing crisis, high levels of unemployment, and the huge Wall Street stock-market crash. On Main Street, most people could not relate to failed complex government regulatory measures, but we could relate to not being able to pay our car payment, or our home loan. For the majority of individuals, losing a job usually can be a life changing negative event. There can be some severe results of losing a job; losing your car, losing your home, negative change in overall lifestyle. Material items can be replaced in a short time period after an individual is able to find suitable employment. However, what cannot be fixed in the short term by finding work is the negative items that are recorded on a person’s credit report. Once those negative items get put on your report, it can take seven to ten years to restore your previous credit rating. Even worse, you’re likely to encounter hardships as you attempt to repair your credit as you will have to deal with collection agencies, creditors, and last but not least the 3 major credit reporting agencies – Equifax, Exprerian, and TransUnion. On the bright side, Credit repair services are available to help you navigate this process if it proves to be too difficult to manage individually.
From a Main Street verses Wall Street perspective, it seems quite unjust that bad politics and business insiders can push the world’s strongest economy into the most damaging economic recession since the Great Depression, cause tens of thousands to lose their jobs, then hold them personally responsible for fixing their own credit when they weren’t the culprits causing their credit score to drop in the first place.
If you are one of the thousands of Americans who need to boost their credit score or repair their negative credit, buying seasoned trade lines is one of the most effective strategies you can implement. A Trade line is any revolving account inside your credit report; a car loan, credit card, mortgage, computer, and even medical financing. Any item with a low balance and perfect payment history over an extended period of time is considered a seasoned trade line. In the past, this practice was used by business investors to improve their credit scores. Now these seasoned tradelines are being offered to the public by many financial institutions.
Adding seasoned trade lines to your credit report for the purpose of gaming the credit bureaus has been subject to plenty of controversies. Although it is technically considered a legal practice, many financial gurus consider this credit repair technique unethical. Recently, a couple of cities in the United States and the FTC have frowned upon this practice and advised consumers to avoid adding tradelines although to date there are no actual laws that prohibit adding tradelines to your own credit report.There are no indications that seasoned tradelines will be banned in the future and as of now it still remains the fastest and most effective way to boost your credit score drastically in as little as 30 days.