My dad ruined my credit, how can I fix it?

Question

My dad took out several credit cards in my name to start a home business. The business hit a rough patch and he could not longer pay the interest. Unfortunately, I was out of work at the time and could not help him out. Now I don't want my dad to get in trouble, but I don't want my credit ruined. Any advice?

Answer 1

I run a credit repair company and have come across this problem before. You have two choices. You could File fraud affidavits stating you know who the thief was or stating that you didn't. The bottom line is that the loans were not taken out by you and you did not benefit from those loans. If the above is true, stick to your guns! The creditors have no choice but to remove identity theft from your credit profile.

Here is a free copy of a fraud affidavit, a standardized form accepted by all creditors. Fill it out and send it to the creditors directly. Call them once a week until the accounts in question are removed.

http://www.californiacreditsolution.com/...

Be persistent! (Persistence Breaks Resistance!)

Answer 2

What you might try is to talk to the credit companies and see if you can get a reduced interest rate. Or, if you have a good long-standing relationship with your bank, see if they will give you a loan to pay them off or at least down so the payments will be easier. Then get rid of the cards right away so the accounts can't be used again. There is also another option. You can go to one of those credit counseling places and get them to help you. Good luck.