Credit Basics
Can I create a new credit file with a new social security number?
Federal law has made it illegal to use an alternative social security number when applying for credit. By using another social security number and new identification you cause the credit bureaus to generate another report for a person that does not really exist, and then use that new report to obtain credit. One of the problems with this technique is that it requires that you lie on applications for credit, which in most states is a criminal offense.
Can anyone get a copy of my credit report?
No, some individuals and businesses are allowed, for business reasons, to obtain credit reports on people other than themselves, but there are strict laws and penalties in place to ensure that this privilege is not abused.
Does the death of a spouse affect my credit?
If you and your spouse share a checking or savings account, by law a creditor cannot automatically close the account or change the terms because of the death of your spouse. You may, more than likely, be asked to update your application or reapply in your own name. The creditor will then decide whether to continue your credit or change your credit limits.
Does having children affect my credit?
Beginning or extending a family is a life change that puts demands on your credit. It is especially important to take good care of your credit when you take on the added responsibility of children. If you take good care of your credit when your children are young, you will be able to take care of them as they get older.
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