NEW CREDIT REPORT: The Truth About Creating a New Credit File. Brouight to you by www.creditsecretsbible.com
New Credit File in 24hrs? Solve all your bad credit problems? 100% Legal and backed by the federal Goverment? Too good to be true?
You're right. It is too good to be true. But these types of ads are appearing again even though it's been 8 years since the FTC launched "Operation New ID - Bad Idea!" over 8 years ago...
Operation targeted and took down over 50 credit repair companies. The con was simple.. The companies targeted consumers with bad credit and offered to create a new credit file for them by using an Employer Identification Number (EIN) or Taxpayer Identification Number (TIN) for their Social Security Number (SSN) along with a new address, new previous address and phone number etc.
EIN's and TIN's were obtained from the IRS with form SS-4.
The consumer would then apply for credit with this false information and trick the credit bureaus into creating a new credit report or new credit file. This was actually illegal since lying on a credit application is credit fraud.
Some privacy experts will argue this tactic as being legal claiming credit bureaus are on shaky ground asking for your SSN. However, the Federal Trade Commissions (FTC) actions were NOT up for debate!
Companies were claiming this was legal when it was a direct violation of the truth in lending act (TILA). Companies were turning consumers into felons claiming this was 100% legal. In reality, nothing could be further from the truth since Credit Repair Organization Act (CROA) laws from 1997 clearly state otherwise.
The only way to create a new credit report or new credit file legally is by creating a business credit report or business credit file. Many vendors will extend credit to businesses in addition to individuals. You can build business credit with Dun and Bradstreet and Experian Business Credit.
A great way to get a jump on building business credit is by getting a guaranteed credit line of $25,000 or more at:
As with personal credit, be careful with business credit. Credit is a two edged sword. It can be a powerful tool in your life or your worst enemy. Make sure you are the master of your credit and do NOT become the slave. Too many people in America have become credit slaves.
Now with all the "Stimulus" spending more and more Americans will become credit slaves. How do you fix the countries debt problems by creating more debt? Good question... obviously, we have some amazing magicians in congress and the white house who can turn LEAD into GOLD or we are going to wind up in a depression like 1930. Some things never change and history has to repeat itself.