Do you keep receiving notices about updated tradelines from your credit servicer?
Maybe you keep searching up tradelines online and getting linked to websites similar to ours, where tradelines have a different definition?
Whatever it is, we want to hop in and explain updated tradelines, as well as tradelines that are meant to work for credit enhancement.
Updated Credit Report Tradelines
If you don’t know what a tradeline is, it is essentially an account that you find on your credit report. This can be any account on your credit report, regardless of the positive or negative impact it has on your score. The collection of tradelines account for your credit report. Tradelines are also what major credit bureaus use as your information.
So where does the term “updated” come from?
An updated tradeline is as simple as that, “an updated credit report account”.
The next question you might have is why you are receiving updated tradeline notices? The reason is because you are subscribed to a monitoring service for your credit that is sending you information on your account. The reasons for receiving these sorts of notices are far and wide. You may have new accounts, updated payments, positive or negative balances, and more.
So What’s The Deal With This Credit Enhancement?
The idea of a tradeline is simply a term that is an umbrella for credit enhancement. Thanks to the Equal Opportunity
Act of 1974, as well as Regulation B from the Federal Reserve Board, you can add an authorized user to a line of credit that is pre-existing. This line of credit can be anything from a tradeline to a credit card.
If that line of credit is in good standing, it can be extremely beneficial for a person’s credit score. Let’s say you were added to an account with ten years of positive credit history with a high limit and low balance. Your credit score would more than likely see the positive effects. The beauty is, you can do it at this moment if you want! It’s easier than every to pay for an account so that it hits your credit report.
Looking To Improve Your Credit Score?
Here at Personal Tradelines, we have the ability to add tradelines for authorized users. Simply pay a fee and see your credit score rise. You will then get notified with the “updated tradeline” notification that we were talking about earlier.
It is important to understand that tradelines are one of the best ways for people to drastically increase their credit scores, even to this day. Unfortunately, not many newcomers to the credit game have any idea what they are or what to look for when purchasing them.
If you are someone who is unsure what tradelines to look for to increase your credit score, make sure to get in contact with us so that we can point you in the right direction and help you get your credit score up to speed! A top-notch credit score is a simple phone call away!