Your credit score may change as FICO creators drop authorized users
But some Internet-based credit-repair firms have been using this to boost the credit scores of strangers with poor credit. The firms pay a person with an excellent credit score to add someone with a rocky record as an authorized user on a card for a few months. The authorized user doesn’t ever use the plastic. Instead, he or she gets the benefit of the account owner’s credit history, which can raise a weak score by a couple of hundred points.
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Worse for some, the change will mean no FICO score at all. Fair Isaac estimates 1.5 million to 3 million consumers will no longer have enough information in their credit report to be able to produce a FICO score. Among those most likely affected are young adults who have been added to their parents’ accounts.
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I have been tracking Score issues for online reports for awhile. All of the agencies are selling scores other than FICO scores. The only place to get a FICO score is from MyFico.com. The agencies are trying to break the monopoly. We’ll see how that works out.