My Parents Trashed My Credit
Finding out that you have been a victim of identity theft is bad but finding out that it was your own parents is worse. This makes for some real awkward moments at holiday meals but it needs to be fixed.
Resolving the problem is difficult but when it is your parents it makes it much more difficult on how to handle the problem. You often have to figure out how much damage was done and what is it going to take to fix it. For example, let's say they opened a credit card in your name but made a couple of payments late. This is not overly damaging since after a period of time that will not weigh much on your score. By taking control of the account and making sure you are paying on time and in full, the account will become a positive for you in the long run.
However, if you have found that they open a bunch of accounts and they are now closed accounts in collections, you have a serious problem. This may mean that you have to make some decisions in what your future will be. There are basically two options, one that you contact the police and file identity theft on your parents. This option definitely makes for uncomfortable times at the Holiday Dinner but could bail you out of the credit problems that your parents caused for you. The other option is to work with your parents to get things fixed and back under control. This option makes for better Holiday Dinners but may take much longer to fix the problems that they caused.
Neither option will mean that your credit is fixed quickly because you will have to work to get things fixed on your credit report. You can work on getting anything inaccurate or incorrect on your credit report fixed then work on improving your credit as necessary. Having your bills paid on time and in full will help to solidify your credit and improve your credit score. Then work on reducing your debt until you have all of your credit card balance paid off. Then once that is done, you can begin to get credit that you need and want. Remember anything on your credit report can be reported for up to seven years (Bankruptcies can be reported for up to 10 years). Each month that passes the items that are on your credit report will weigh less than they did the previous month. After about 48 months most negative items weigh very little on your credit score.
Good credit takes time to gather but bad credit can hit when you make one payment late. Make your payments on time and you will see the benefits to your credit score.
Resolving the problem is difficult but when it is your parents it makes it much more difficult on how to handle the problem. You often have to figure out how much damage was done and what is it going to take to fix it. For example, let's say they opened a credit card in your name but made a couple of payments late. This is not overly damaging since after a period of time that will not weigh much on your score. By taking control of the account and making sure you are paying on time and in full, the account will become a positive for you in the long run.
However, if you have found that they open a bunch of accounts and they are now closed accounts in collections, you have a serious problem. This may mean that you have to make some decisions in what your future will be. There are basically two options, one that you contact the police and file identity theft on your parents. This option definitely makes for uncomfortable times at the Holiday Dinner but could bail you out of the credit problems that your parents caused for you. The other option is to work with your parents to get things fixed and back under control. This option makes for better Holiday Dinners but may take much longer to fix the problems that they caused.
Neither option will mean that your credit is fixed quickly because you will have to work to get things fixed on your credit report. You can work on getting anything inaccurate or incorrect on your credit report fixed then work on improving your credit as necessary. Having your bills paid on time and in full will help to solidify your credit and improve your credit score. Then work on reducing your debt until you have all of your credit card balance paid off. Then once that is done, you can begin to get credit that you need and want. Remember anything on your credit report can be reported for up to seven years (Bankruptcies can be reported for up to 10 years). Each month that passes the items that are on your credit report will weigh less than they did the previous month. After about 48 months most negative items weigh very little on your credit score.
Good credit takes time to gather but bad credit can hit when you make one payment late. Make your payments on time and you will see the benefits to your credit score.
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