A tradeline is a record of activity for any type of credit extended to a borrower and reported to a credit reporting agency and is established on a borrower’s credit report the moment a borrower is approved for credit. Each credit account has its own trade line and borrowers can have multiple tradelines on their credit report.
WHAT IS A TRADELINE?
HOW IS THE AUTHORIZER COMPENSATED?
The Authorizer gets paid via direct deposit on a monthly basis. A total of $40.00 for each User they successfully authorize on a tradeline.
HOW DO I BECOME AN AUTHORIZER?
To become an Authorizer, the following are required:
- Credit score of 750 and above
- 30% or less utilization on credit cards
- Credit Karma account
- Sign required documents
WHAT IS THE AUTHORIZERS ROLE?
The authorizer will be compensated for allowing a user or users to be authorised on their tradelines.
WHAT IS AN AUTHORIZER?
The term Authorizer is used to refer to the individual with good to excellent credit.
WHAT IS THE USERS ROLE?
The User pays a small monthly fee which reserves a spot for them on an authorizer’s tradeline.
WHAT DOES THE TERM USER MEAN?
The term “User” is used to refer to anyone who’s credit history is sub par or who has a 750 or below credit score.
DOES THE AUTHORIZED USER HAVE ACCESS TO MY CREDIT CARD OR PERSONAL INFORMATION?
No, the authorized user is never given access to your credit card as the card with the authorized users name is sent to your primary billing address. You can simply cut that card up once it arrives. A credit report does not provide any information one would need to call your credit card company and access your account information.
DOES THE AUTHORIZED USER GET A CREDIT CARD?
No, the primary owner of the card does not have to give the user access to the card. Any cards are mailed to you at your address, you just cut them up when you receive them.
HOW MUCH MONEY CAN I MAKE?
The simple answer is that it ranges. On average our cardholder clients make $500 plus a month. Your price per Authorized User depends on your credit cards’ limit, age, and balance (must be below 30% balance to limit). The older the card, the higher the limit, the more you make per user. We typically sell 2-3 Authorized User slots per card, per month.
WHAT TYPES OF ACCOUNTS CAN I ADD AN AUTHORIZED USER TO?
You can add authorized users to any credit card or department store cards you are the primary user for.
WHAT INFORMATION DO I NEED TO ADD AN AUTHORIZED USER?
Very little. It does vary by the credit card company but typically: -The authorized users full name and Date of birth is all you will need. Very few credit cards will require you to input the Authorized Users Social Security number in which we provide that information if necessary.
HOW MANY AUTHORIZED USERS CAN I ADD TO MY CARD?
While some credit card companies may allow you to add as many as 10 authorized users per card, we highly recommend only 3 people per card per month. Our trained professionals will guide you through the process and answer any questions you may have!
IS THIS LEGAL?
First off we are not lawyers so for legal questions we suggest you consult an attorney. What we do know is that adding an authorized user is backed by the Fair Credit Reporting Act (FCRA) and explained in most paperwork that comes with your credit card. The process itself is an option available to all credit card holders and has often been used for children, relatives, and friends. It’s the same idea of having a credit card with your employer. You can check out our blog from a long winded document our Federal Reserve released.