Instant credit repair is a reality. An increasingly common practice referred to as "Piggybacking" is sweeping the nation. This practice allows would-be borrowers, with poor credit, to completely bypass the time-consuming process of traditional credit rebuilding. You want to buy your dream-house? But you have an awful FICO score? Well, fret not. It's entirely possible.

Piggybacking takes place when an consumer with poor credit is added-on to the credit card account of someone else with an exemplary credit report. It is surprisingly effective and staggering results take place, literally overnight.

For around two-thousand dollars it is possible to "rent" credit card slots on up to three credit card accounts of individuals with top credit scores. The increase to the renters credit score can be huge. The actual increase will vary, depending on what else is in the customer's credit portfolio, but typical improvements are 30 to 45 points on one borrowed credit card account, 60 to 90 points on 2, and 100 to 200 points for 5 rented credit card accounts.

The process works because when the credit scoring system see the new accounts that have been added to the individual's records it factors in the payment history, which is always exceptional, of the rented accounts. This has an enormous benefit to the renter's score.

Fair Isaac Corp is the creator of the FICO scoring system. They claim that they will change the way they calculate credit scores later this year. They assert that the new formula will close this obscure loophole.

The mortgage loan industry is in a quiet uproar over the growing practice. Which is understandable. From their point of view, they are awarding mortgage loans to individuals with artificially inflated FICO scores. Not only do mortgage lenders grant loans to borrowers they would ordinarily reject, due to a high risk evaluation, but the interest rates that these loans are set with are considerably lower than they would be, due to the fact that interest rates are proportionally tied to the borrower's credit rating. This translates to immense savings to the borrower at the expense of the lender.

Government regulators have not made a final judgment, yet, on the legality of this practice. So, for right now, there is a fast track to credit repair that would-be borrowers can take advantage of. While the particulars are not yet known, it is apparent that the mortgage industry is developing various strategies to battle credit card piggybacking. The conventional wisdom is that midway into 2008 the loophole will be all but eliminated.