US EditionPublished • loading... • Updated
Asked on Reddit: My Parents Ruined My Credit. How Can I Fix It?
The victim's parents opened multiple credit cards without permission, charging thousands and leaving debts unpaid, with collection agencies now pursuing the victim, experts say recovery may take years.
- While on break from college, the original poster discovered a collection agency letter and soon learned the parents had opened multiple credit cards in their name without permission.
- Amid broader patterns of familial fraud, the victim's parents allegedly opened accounts to cover household expenses, a practice Betz-Hamilton says is common but often under-reported.
- Credit experts recommend filing a police report and an FTC identity theft report, freezing your credit via the credit bureaus, and disputing fraudulent entries through annualcreditreport.com while rebuilding with a secured credit card and keeping utilization under 30%.
- As a result, collection agencies are pursuing the victim after parents allegedly charged thousands and left debts unpaid, while investigations may still hold the victim liable if credible connections exist, and collection accounts can remain for up to seven years.
- Experts recommend investing in mental-health care because the emotional toll can exceed financial losses, and credit expert John Ulzheimer says victims may need courage to 'rat out' their parents.
Insights by Ground AI
17 Articles
17 Articles
Watauga Democrat+16 Reposted by 16 other sources
Asked on Reddit: My Parents Ruined My Credit. How Can I Fix It?
A Redditor recently asked how to recover after their parents did a number on their credit score.The original poster shared that while on break from college, they discovered a letter from a collection agency addressed to them. It referenced an…
·Calhoun, United States
Read Full ArticleCoverage Details
Total News Sources17
Leaning Left4Leaning Right1Center3Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 38%
12%
Factuality
To view factuality data please Upgrade to Premium
