Bankruptcies can stay on your record for 10 years, so it may seem better to just start over than fix the problem. Some companies offer to segregate your bad files, but this practice is illegal.
Function
Unscrupulous credit repair companies might tell you how to get a Employer Identification Number from the IRS, according to the Federal Trade Commission. Because an EIN is the same length as a Social Security number, it can appear as a legitimate substitute.
The Reality
EINs are only supposed to be used by businesses who report financial data. Registering one is free. The credit repair company may simply steal another person's Social Security number, according to the FTC. Using either to obtain credit could result in fines or jail time, depending on the size of the line of credit.
Tip
A bankruptcy or other serious flag on your credit history does not mean it is impossible to get credit, according to the FTC. Lenders may start to offer credit again if you begin paying off your accounts on time.
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