Getting a new credit file and new credit history.
All over the internet there are websites and people making claims that they can help you restore your credit or get you a completely new credit history.
The truth is that these websites or individuals promising a brand new credit file or credit history are simply scammers looking to take advantage of a person’s financial situation.
You can not get a new credit file.
These websites that claim for a small fee that they can get you a new file or new credit history are merely scams designed to get your hard earned money.
These websites might actually ‘get’ you a new credit file but do so illegally. They may suggest setting up another ID number to use to open new accounts as well. Some sites go as far as to openly list ‘available’ credit cards for sale.
You might end up with results, but the results are often the customer using fake or stolen social security numbers and credit files. Also the practices of many of these ‘new credit creation’ sites and business are blatantly illegal.
Sites making these claims might simply be looking for sensitive financial information from those who sign up with them.
Not all credit repair websites are illegal operations or simple scam sites, some will offer you tips and advice on how to repair your credit.
But much of this advice is widely available for free, they are simply charging you fees to access information that many consider common knowledge. Promises that your credit history will be restored or improved are often empty promises in the sense that the company may just tell your widely known advice or do nothing at all.
After 7 years, most negative information disappears from your credit history and credit report. Raising your FICO score can be done over time by paying down debts, limiting the number of loans/credit cards applied for, and always making on time payments on your credit cards and loans.
You can not get a new credit file or credit history. Repairing your credit can be done for free by being responsible with your spending and bill payments. Checking for errors on your credit history can be done for free thanks to the federal law requiring a free credit report to each person once a year in the U.S.
Don’t fall for scams promising fresh credit histories, new credit lines, or instant credit repair. You’ll end up with less money than you started with and risk violating federal law.