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Learning about Tradeline Processing
What is a tradeline?
Essentially, a tradeline is a record of any and all activity made to a credit report.
These records can include loans, mortgages, credit cards, and anything of the like. As these record accumulate on your credit history, they fluctuate your credit score and establish whether you are in good or poor standing with creditors or lenders.
what is tradeline processing?
Tradeline Processing is the process of adding records to your credit history. These additions can improve your credit standing and even increase your credit score.
Tradeline Processing is a legal and legitimate way to add to your credit history.
Understanding Tradeline Processing
Tradeline Processing: An Introduction
Your credit history is made up of records, or tradelines, that are used by credit reporting agencies to develop an individual’s credit score. Several factors go into the determination of your credit score such as number of tradelines, types of tradelines, lengths of open accounts, and payment history.
The method of Tradeline Processing was developed to help borrowers improve their credit standing by piggybacking off of other borrower’s good credit.
When working with a qualified agency, such as The Debt Crushers, advisors can help with the process of adding Authorized User Tradelines to your credit report. These records are added to a borrower’s report without any financial responsibility. When a borrower is added as an Authorized User to another borrower’s account, they are not extended any line of credit, but will receive the benefits of the credit standing and history.
For example, if John has bad credit and wants to improve his standing rather quickly, John can reach out to The Debt Crushers to explore Tradeline Processing. As a licensed dealer and broker of tradelines, The Debt Crushers will seek out the most beneficial account to add John to as an Authorized User. Although John has not been extended any line of credit from this account, his history will reflect that he was added as an Authorized User to an already well-established account. In turn, John’s credit score will begin to improve, allowing him to make the purchases and receive the credit he needs.
It may also be beneficial to explore Primary Tradelines, if it seems beneficial to the borrowers. These tradelines are simply typical records of extended credit to a borrower. In some cases, this may be all that is needed to help improve the borrower’s credit history, depending on their score.
Understanding Tradeline Processing
What goes on your credit history?
As mentioned above, tradelines are simply the records of activity added to your credit history.
Now, you may not have taken a really deep look into your credit report before, so we’ve decided to lay it all out for you. A credit history is made up a series of items or records, called tradelines. At a very base level these tradelines contain the following information.
- The name of the creditor or lender
- An identifier of the type of credit extended
- The parties responsible for the repayment of the credit
- The current payment status of the account
Credit History Milestones
There are a variety of factors that can impact your credit history. Below is a list of particular milestones that, if left unattended to, can vastly affect the status of your credit report. Keep in mind that tradelines can exist on a credit report for up to seven years.
- Date the credit was extended
- Credit limit
- Payment history
- Levels of delinquency and missed payments
- Total amount owed as of last report
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