I attended a class on credit reports and FICO scores and the instructor presented a sliver of what he does for clients in his personal business which is credit monitoring, repair, etc.
He opens a business account (or possibly business credit line) with a bank that does not report to any of the credit bureaus. They then transfer or use the credit line to pay off credit cards and other consumer debts, while the client just makes reduced payments on the non-reported credit line.
The clients gain the benefits of a clean(er) credit profile when it comes to balances which then should increase their FICO's over time. But, another large benefit is that they're now paying (what I presume to be) a lower rate on the business account/credit line than they were on their credit cards - which are typically 18% + 1% on your balance.
Does anyone know of such a source for a business credit line or bank that issues these that DO NOT report to the three main credit bureaus? I'm not inquiring for money making purposes, but for personal use. I know paying off debt is not the ultimate goal, but it's part of getting my financial house in order along the way to the fastlane. In other words, if I can send extra money towards a fastlane project vs creditors then I'm that much more closer. Also, my wife is slowlane driven so having something in place for her mental/emotional stability is also a nice touch.
Also, you can PM me if it's not something you'd like to post publicly. I tried to get the instructor to set me up on this but he kept trying to funnel me into his Free Consultation and monthly credit monitoring plans that start at a bargain of $199/month. No matter how I tried to clarify for him what I wanted he kept pushing the monthly fee programs so I got tired of his deafness.
He opens a business account (or possibly business credit line) with a bank that does not report to any of the credit bureaus. They then transfer or use the credit line to pay off credit cards and other consumer debts, while the client just makes reduced payments on the non-reported credit line.
The clients gain the benefits of a clean(er) credit profile when it comes to balances which then should increase their FICO's over time. But, another large benefit is that they're now paying (what I presume to be) a lower rate on the business account/credit line than they were on their credit cards - which are typically 18% + 1% on your balance.
Does anyone know of such a source for a business credit line or bank that issues these that DO NOT report to the three main credit bureaus? I'm not inquiring for money making purposes, but for personal use. I know paying off debt is not the ultimate goal, but it's part of getting my financial house in order along the way to the fastlane. In other words, if I can send extra money towards a fastlane project vs creditors then I'm that much more closer. Also, my wife is slowlane driven so having something in place for her mental/emotional stability is also a nice touch.
Also, you can PM me if it's not something you'd like to post publicly. I tried to get the instructor to set me up on this but he kept trying to funnel me into his Free Consultation and monthly credit monitoring plans that start at a bargain of $199/month. No matter how I tried to clarify for him what I wanted he kept pushing the monthly fee programs so I got tired of his deafness.
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