 TITLE: What Is Piggybacking Credit? CONTENT: For-Profit Piggybacking Services\n--------------------------------\nBeware of paid piggybacking services that target consumers looking to build credit. These companies pair you with a stranger with an excellent credit score who will add you as an authorized user to their account for a set time period—for a fee. There are significant drawbacks associated with using for-profit piggybacking services:\n*   **It is a questionable and deceptive practice.** Buying your way to a good credit score could be perceived as an attempt to deceive the lender, which could have legal implications. If the action is interpreted as bank fraud, it could be punishable by large fees, prison time or both.\n*   **For-profit piggybacking services are expensive.** Depending on the line of credit you choose, it can cost as much as $4,000.\n*   **You have to give up your personal information.** To become an authorized user, you must provide the company with your name, address, birthdate and Social Security number. This puts you at risk of fraud and identity theft.\n*   **It's a short-term solution.** If you pay for a piggybacking service, you're only an authorized user for a limited time. Once the term ends, the account is removed from your credit report, likely causing your credit scores to drop again.\n*   **It won't help you learn responsible credit habits.** This form of piggybacking won't help you build and maintain your credit over time by creating a history of positive payments, which is a critical factor impacting your credit scores.\n*   **Lenders don't look favorably on the practice.** When you're looking for a loan, your lender will want assurance that you know how to manage credit accounts. If they see that you're using a stranger to improve your credit, they may be less likely to approve your loan request.\n*   **It may give you false confidence when borrowing.** There's a reason lenders want to loan money to people who have good credit histories: They have more trust that these consumers will pay back their loans. Without real experience borrowing money and paying it back, either through a credit card account or other loan, you may not understand how difficult it may be to keep up with those monthly payments.\nThe good news is there are proven ways to build credit that don't involve paying someone to do it for you. END