02-05-2013 09:56 PM
18 people arrested and over 200 Million in unpaid debts.
02-05-2013 10:21 PM
02-06-2013 01:07 AM
Oh I don't know sounds like they established a lot of credit. So is it a bad way to establish credit?
If anything these kind of events just show how utterly silly it all is. If this credit reporting system is unable to tell that a 6 year old is getting credit and his identity jacked, then what hope is there for any kind of accuracy for the majority of people.
02-13-2013 10:12 AM
Even back in the day when CC's would give you Credit Limits of 50K-100K, with incomes of 25k-50k seemed ludicrous. But it was available and many back then took advantage of it.
Biggest advantage back then was you could pay almost any bill with a CC, even your own CC bill. Also there was no limit to how much cash you could take out. If your Credit Limit was 25K, you could go to a bank and withdraw 25K.
Only difference from then to now is back then things werent as well known of how to beat the system. Yes people did take advantage and beat the system but they werent out there boasting about it. They were keeping their little secret of deceit to themselves.
Many lived off of Peter to pay Paul for many many years.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.