Can I Get A Problem-Free Credit Report?
Question: Can I get a new credit report that does not show past problems?
Answer: There are so-called “credit segregation programs” out there which, people (and email solicitations) sometimes claim can be used to give you a new credit identity.
WATCH OUT. The Council of Better Business Bureaus plainly states that, “Although it may sound like a fresh start, this scheme, often called ‘credit file segregation,’ is illegal.”
The bottom line with such programs is that promoters want you to get a federal “employer identification number” (EIN), use a mail box as an address, and get a new phone number. The purpose of an EIN is not create a new credit record, it is for use when reporting employee wages. Since the EIN is different from a social security number you may show a different credit profile. However, when the new credit report is used to secure a loan, that is the moment when borrowers have problems because lenders will see no entries from several years ago, no home address, and various other items that will cause them to instantly decline the loan.
Real estate borrowers are well served by reviewing credit reports two to three months before entering the marketplace. For a free credit report, press here.
In the end, of course, you and your credit report are one — no matter what promoters may suggest.
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