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One really bad way to "establish" your credit - 18 people arrested

Valued Contributor

One really bad way to "establish" your credit - 18 people arrested

http://money.msn.com/identity-theft/news.aspx?feed=AP&date=20130205&id=16082591

 

18 people arrested and over 200 Million in unpaid debts. 



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Valued Contributor

Re: One really bad way to "establish" your credit - 18 people arrested

Wow, that's pretty brazen.

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New Member

Re: One really bad way to "establish" your credit - 18 people arrested

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.

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Valued Contributor

Re: One really bad way to "establish" your credit - 18 people arrested

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.

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