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Dangerous Things People Will Suggest You Do To
Improve Your Credit Or Get Out Of Debt

Deliberately stop making payments
Some folks will tell you that if you want to pressure creditors to negotiate you have to make them sweat a bit. In other words they suggest you send a message that you can't pay by simply not paying. As with any unscrupulous tactic, it's possible this will work. But here's the backfire: You stop paying (even though you have the money.) You suggest a settlement. They don't go for it. They ruin your credit. Then they take you to court and you lose. They get a wage or bank account garnishment (because remember, you had the money all along!) So they still got their money only now your credit is ruined.

Change your address
I am not sure how this one got so far since it doesn't even work. It may slow a collection agent down for a week or two but they have multiple ways to find you and the longer a debt goes unpaid the worse it is for your credit.

Change your identity with a new social security number
True victims of identity theft can sometimes get a new Social Security number. But if you do it just to get out of a debt, you might find yourself in jail. (Remember even if this is someone else's idea and you do it anyway you can still get in trouble!)

Lie and Apply
This is a technique where someone disputes all the items on their credit report (that's the lie part) Sometimes an overwhelmed credit reporting agency will remove the items temporary until they have time to investigate thoroughly. But once they are removed (even if it's temporary) your score probably will go up, so you quickly apply for the loans you need before the investigation is proven to be frivolous. Again like all shady techniques this might work but you could get into trouble for trying this. Even if you don't get into trouble for committing fraud, you might think you're about to get your loan and then they loan officer checks your credit at the last minute and sees all those mistakes you disputed back on your report. And then in the final hours of the loan, you are denied.

Mail an unsigned check to buy time
This might work, but if things are this bad, a few extra days aren't going to help. Instead be upfront with your creditors and try to work out a payment plan. Many people try the unsigned check trick and it works a few times. But then they need to do a serious negotiation with creditors down the road. Only now, they've pissed off their creditors with these petty tricks. So they've blown the whole negotiation just to save a few extra days.


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