Published 2 months ago • loading... • Updated 2 months ago

Asked on Reddit: My parents ruined my credit. How can I fix it?

Soon after returning from break, a Reddit original poster, a college student, found a collection letter for an unfamiliar account and learned the poster's parents allegedly opened multiple credit cards in the student's name with thousands in unpaid charges.
Experts examining familial fraud say victims of familial identity theft often feel shame and avoid reporting family, so this common crime frequently goes unreported.
Investigations show creditors and lenders may find 'credible connections' at the household address, so victims should pull credit reports and dispute fraudulent accounts with credit bureaus and lenders.
Experts recommend freezing your credit immediately to block new accounts and filing reports with police and the FTC to document the theft.
Long-Term, collection accounts can remain on credit reports for up to seven years, so rebuilding credit includes secured credit cards, on-time payments, credit utilization under 30%, and seeking mental-health professionals, Axton Betz-Hamilton advises.

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