ICB Credit Repair

Low credit scores prevent many from getting a mortgage or other loans. A Company put together through ICB Credit Repair (Instant Credit Builders.com), are no longer taking applicants. They have helped many to overcome their low credit scores and to build credit faster then they would, had they done it on their own.

How this all works is thought by some as an illegal practice, and the lenders, mortgage companies and the federal authorities are getting a bit worried about the "quick-fix" these kinds of companies give to those who have bad credit.

Financial institutions are driven by credit ratings. Lenders and mortgage companies depend on this system as it gives them an idea of who will be able to pay back their loans and who will not. In turn, this gives them a leverage as to how much money and interest rates they charge. Lenders want their money back, and high interest rates allow for this to happen if a consumer defaults on a loan.

How all this works is that the consumer becomes a rider on a credit card that someone has that is in excellent standing. They are allowed to gain credit through someone else's credit history, much like a parent allows their children on their card for them to gain good credit.

Jason LaBossiere, who founded ICB Credit Repair a year and a half ago, said his company receives 100 to 150 new leads daily.

ICB Credit Repair charges $900 for the first credit card account, with a discount for additional ones. The authorized card holder allows the consumer who has less than perfect credit to receive $100 to $150 per match up, depending on the age and credit limit of each card. ICB Credit Repair pockets the rest.

Depending on what else is in the rider's credit history one borrowed credit card can give them as much a a 30 - 45 point increase and it only expands with each card they get.

A computer program that calculates scores gives viewers the illusion that the credit rider has a better repayment history, therefore raising the credit score of both the rider and the authorized credit card holder.

This also opens the door for fraudulent behavior. Consumers who are wanting to better their credit score, see an ad on the internet. Not knowing if this is a truthful website or not, they give out their personal information and ---oh-no--- their identity has been stolen.

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