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I vaguely know that a good credit score is very important in the US (we do not have such concept in France for individuals).

I was wondering whether such credit score can be boosted through some kind of sponsorship?

A real life scenario would be a company absolutely willing to bring in a very senior employee from abroad who would certainly want to avoid being treated as a fresh graduate, credit-wise.

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There is the possibility of being made an "authorized user" of someone else's credit account and getting some credit history benefit -- see here and here.

In addition, a corporate credit card may not require as much regarding an employee's personal credit history, so the company could more readily set them up with a "mainstream" card and reasonable credit limit at least for company business.

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No. However, there is a concept of co-signing loans.

For example, many first-time home-buyers are unable to qualify for a mortgage, but often a parent is willing to co-sign. That means the bank thinks the home-buyer is not a good credit risk, but the co-signee, the parent, is willing to put their own wealth on the line. In this case, if the home-buyer fails to make the mortgage payments, the parent will have to cover the difference and may see their credit rating substantially impacted.

Co-signing a loan is almost always a terrible idea. Quite literally, the bank is saying the person is not sufficiently credit-worthy to take on the loan.

In your example, the company may be willing to co-sign loans, even though it's almost certainly a terrible idea for them. Alternatively, some companies are willing to offer a loan directly to the employee. This is rare but not unheard of, particularly for very large companies.

  • Doesn't seem like necessarily a "terrible idea" for the company in this case, since they know something about the person's reliability and job stability that lenders aren't taking into account, plus they have a big stick because the person's career will presumably be made to suffer if they fall behind on a company-sponsored loan. – nanoman Jul 2 '18 at 21:34
  • It is a common procedure in at least one large company. If they want an employee to come as a delegate to the US, they have to - he couldn't even rent a flat without it. Most US residents don't understand that no credit score is much worse than a bad credit score - you are helpless, and nobody wants to do business with you. No car, no flat, no insurance, no checking account (you can't even get paid), etc. – Aganju Jul 2 '18 at 21:36
  • @nanoman , they simply deduct the payments from your salary. Not much risk. – Aganju Jul 2 '18 at 21:37
  • We also have this concepg of co-signing, usually for a loan or a rent. I do not think z company would be co signing everything, though (it becomes weird after some time). I thought that credit score was meant to be a measure of trusy, and therefore a large company coulf somrhow vouch for someone's trustiness. But thid is not the case from your answer, thanks. – WoJ Jul 2 '18 at 21:42
  • @Aganju I think people routinely get basic checking accounts before they have a credit history. Regarding deducting loan payments from salary, I'm surprised that would happen for loans co-signed (rather than made directly) by the company, but perhaps. In any case, sounds like you agree with my critique of that part of the answer. – nanoman Jul 2 '18 at 22:10

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