How long will it take to fix my credit report?

[Gerbil333]

I'm 21 years old with 1 year left before I'll finish my bachelors degree. I started a small business last year and have been making decent money, and I have a well-paying internship lined up for this summer. I have a few thousand dollars sitting in the bank and no outstanding debt.

So, I was about to take out a $5-$10k loan and buy a new used car this weekend. To my great surprise, I was instantly turned down due to a $46 delinquency at a bank I have NO accounts with. More surprising, the account was opened in 1998--when I was 11 years old. How the hell would an 11 year old open an account with a $10-$20k credit limit?

I ran a credit report and found that three of my mother's credit cards / loans are listed in my name. I've talked to her and we have no idea how this happened. I have 0 personal credits and I do not physical have access to her credit cards or accounts. I have ONE credit card used soley for business-related transactions, and 2 debit cards.

Anyway, if I file disputes now, how many weeks is this going to take to resolve, and how might this affect my credit report?

 

[venkman]

Mom is lying. She opened cards under your SS number because she probably couldn't get anymore under hers.

 

[Gunslinger08]

Originally posted by: venkman
Mom is lying. She opened cards under your SS number because she probably couldn't get anymore under hers.

That would be my assumption as well.

Contact all 3 credit bureaus and tell them about it. They'll send you some paperwork.

 

[Legendary]

Two possible scenarios: 1. someone stole both your mother and your identities 2. your mom used your social security number to get more loans.

Evaluate the probabilities then act.

 

[Gothgar]

ouch... looks like there might be some inter family disputes in your future

 

[Baked]

Call the police and have your mom arrested and put in PMITA prison. WTF was she thinking?

 

[kranky]

Get over to the creditboards.com credit forum and read the stickies related to cleaning up your credit report. IF you are prepared to do your homework and put in the time, you can get this cleared up - not tomorrow or next week, though. You might need to dispute these accounts as "not mine" (a term you'll see at creditboards).

How will it affect your credit report? If you handle it right, you will end up with a totally clean report.

I suspect the easiest course of action will be to get a police report for identity theft and use that to get those accounts off your record with the CRAs. But warn Mom that's what you're going to do, just in case she remembers more of the story. Read creditboards before taking any action.

 

[Greenman]

Credit reports can get linked with just the same last name and address, it happened to my son and I. My report showed that when I bought my house I was 6 or 7 years old with a 26 year old wife.