# Buying good Credit???

**URL:** <https://boards.straightdope.com/t/buying-good-credit/163483>\
**Category:** Factual Questions\
**Created:** [March 23, 2003, 2:47am UTC](https://boards.straightdope.com/t/buying-good-credit/163483 "2003-03-23T02:47:03Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![Shai\_tan](https://avatars.discourse-cdn.com/v4/letter/s/f4b2a3/32.png) [@Shai\_tan](https://boards.straightdope.com/u/Shai_tan)\
**Post date:** [March 23, 2003, 2:47am UTC](https://boards.straightdope.com/t/buying-good-credit/163483/1 "2003-03-23T02:47:03Z")

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I was reading yet another claim on how to fix bad credit and want the straight dope.

This organization claimed that due to a loophole found in the 1974 Privacy Act, that it was possible for them (a group of lawyers) to set up a NEW clean credit file for an individual, and to “cut ties” to the old one. They claim it can only be done once, and is perfectly legal. They said something about “credit file replication…”

My first guess was trying to get a new SS#, but they were of course vague about the exact details, as they want to charge the fee for the service.

Is this possible? What does it entail? I looked up the Privacy Act, but it had 3 or 4 pages of defintions for terms in the Act, 3 or 4 pages of exclusions, etc… I couldn’t get through it all. But in skimming the “exclusions” I seemed to see something about consumer reporting agencies (Credit Reports???).

What’s the dope?

```
       - Shai'tan
```

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**Author:** ![Lissa](https://avatars.discourse-cdn.com/v4/letter/l/85f322/32.png) [@Lissa](https://boards.straightdope.com/u/Lissa)\
**Post date:** [March 23, 2003, 5:56am UTC](https://boards.straightdope.com/t/buying-good-credit/163483/2 "2003-03-23T05:56:34Z")

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Big- time scam! Run for your life, buddy!

[This site](http://www.creditmatters.com/articles.asp?art=101) says:

> [@](#):
>
> “Credit Repair” as advertised on radio, TV, and the Internet tends to be, at best, a waste of money and, at worst, a scam that would simply defraud you or (perhaps worse) involve you in fraud yourself. Even if a credit repair company is legitimate, there’s nothing they can legally do that you can’t do yourself at no cost. This is because there really is no legal way to “repair” bad credit if the history thereof is accurate–only time can do that.

The site has tips on how to repair your credit. Don’t waste your money.

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**Author:** ![AskNott](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/asknott/32/5790_2.png) [@AskNott](https://boards.straightdope.com/u/AskNott)\
**Post date:** [March 23, 2003, 1:59pm UTC](https://boards.straightdope.com/t/buying-good-credit/163483/3 "2003-03-23T13:59:22Z")

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I know the OP referred to repairing bad credit, but some folks find themselves unable to borrow because they’ve never borrowed before. It’s a Catch-22, but if you’re just starting your commercial life, or you’ve always paid cash for everything, you have no record of good credit behavior. It’s tough to get a loan except from high-rate lenders. Here’s how to build a good record:

1.Go to your bank’s loan officer.  
2.Ask to get a loan, offering to deposit the money in that bank. For example, $500 for 6 months.  
3.Pay off the loan on schedule. Keep the paperwork.  
4.Bingo! You now have a credit record. Now you can get a real car loan, instead of paying a high rate to “J. T. Rippover” buy-here-pay-here type dealers.