Boosting Credit Score Via Informal Lenders?

Hi Everyone,


I’m curious if anyone is aware of legitimate firms which provide short-term, contractual, unreported personal/commercial loans to customers for the sole purpose of boosting the clients credit score. The idea being the firm issues a loan to the client which is not officially reported to any credit agency or financial institution. The net effect being an overall increase in the clients asset position while no identical offsetting debt is reported
in the clients credit score, thereby boosting the overall score and the credit received based on that score. Basically, manipulating the debt-to-asset ratio.


Does anyone know if legitimate companies or individuals exist whom provide this service? Besides the obvious loan shark response?


At the moment, I’m trying to start an international trading company which exports consumables to foreign countries. I've got a few friends with cash whom might agree to some variant of the Russ Whitney loan-loan reapply strategy. But I'd prefer to go through commercial lenders if some do exist.


As side note, I don’t understand how the Russ Whitney strategy could theoretically work when applied by only one individual as most credit reporting agencies have access to the amount and type of debt held by most individuals at most banks? I concluded this after taking a look at my own personal credit report issued by Equifax last year which reported my RBC 15 grand line of credit had been maxed out.

Perhaps reporting protocol differs in the US? I don’t know. I’m no expert. But to me, it seems somewhat presumptuous to assume credit reporting agencies don’t have access to the comprehensive debt amount held by any individual at most banks. If that’s true, then flipping bank loans to establish increasing levels of personal credit would be undermined by the cumulative debt amount reported on each successive credit report called by each bank applied to. Am I wrong?



Any insight, help or answers to these questions would be much appreciated.

Thanks in advance!!


[ Edited by achilles on Date 03/14/2004 ][ Edited by achilles on Date 03/14/2004 ]