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.
What are the three Credit Bureaus and how do they affect my credit?
In the United States, Equifax, Experian, and Trans Union are the three major credit bureaus that provide nationwide coverage of consumer credit information. Many national lenders report consumer credit information to all three. However, smaller banks, most credit unions and other credit grantors may report to only one, or none. Therefore, the information you receive from one credit bureau may not be the same as what you would receive from another credit bureau.
Are there laws that protect me from not getting the credit I deserve?
Credit can not be denied to you because of race, sex, color, religion, marital status, national origin, age (if you are over 18) or because you receive income from a public assistance program. Whether or not you can receive credit is judged solely on your past credit history, or in some cases, the history of your spouse or former spouse. You can find these rights outlined in the Equal Credit Opportunity Act.
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