TL;DR:
Fixing your credit isn’t hard. But the booming billion-dollar “credit repair” industry wants you to think it is—so they can sell you lies, fake identities, and fraud that might land you in prison.
🎭 The Scam That Looks Like a Solution
It always starts the same way:
“Erase bad credit fast.”
“Start over with a new number.”
“Get approved for anything in 30 days.”
It’s the kind of thing you see on late-night TV or TikTok reels—shady advice dressed up as secret knowledge. They pitch it like they’re doing you a favor, but let’s be real: they’re selling desperation with a side of prison time.
There’s a reason people fall for it: they’re scared, frustrated, and just want their life back. The fraud feels like hope. Until it’s not.
💸 $3.4 Billion Can’t Be Wrong… Or Can It?
According to industry estimates, Americans are dropping over $3.4 billion a year on credit repair services. Some of them are legit, sure—but most are just selling the illusion of control.
The worst part? Fixing your credit isn’t that complicated. It’s a little tedious, but honestly… it’s stupid easy once you know what to do.
🤔 What Counts as Credit Repair (and What’s Actually a Felony)
Let’s clear this up once and for all:
✅ Legit Credit Repair means:
- Getting your credit reports from AnnualCreditReport.com
- Disputing inaccurate info
- Paying bills on time
- Keeping balances low
🚨 Credit Fraud means:
- Using a CPN (Credit Privacy Number) instead of your Social Security number
- Claiming identity theft when it didn’t happen
- Paying to “rent” someone’s good credit (piggybacking)
If you knowingly lie on a credit application—like submitting a falsified report with deleted negatives—you’re committing federal fraud. That’s not scare talk. That’s a prison sentence waiting to happen.
🧠 Credit Score Game: Learn the Rules Before You Play
FICO is like that weird board game no one really understands, but you have to play anyway.
Here’s how it breaks down:
- 35% – Payment History: Late payments? Big oof.
- 30% – Credit Utilization: Using more than 30% of your limit? That’ll tank your score fast.
- 15% – Length of Credit History: Older accounts are gold. Don’t close them.
- 10% – Credit Mix: A variety of loans = bonus points.
- 10% – New Credit Applications: Too many in a short time? Ding ding ding.
Bottom line: Make payments on time, keep balances low, and stop trying to “game” the system. Just play smart.
😬 Piggybacking and CPNs: The Dirty Tricks
Let’s break these down:
Piggybacking (a.k.a. Renting Someone’s Credit Score)
You pay to be added as an “authorized user” on someone else’s credit card. It can make your score jump… for a while. But if their credit tanks, yours goes down with it. And if it looks like misrepresentation? You’re now a fraudster, too.
CPNs (Credit Privacy Numbers)
Sounds fancy. But you’re either using:
- A made-up SSN
- A stolen SSN
- A business EIN passed off as personal
Any of these, on a credit application, = federal fraud.
🛠️ Real Credit Repair Doesn’t Cost a Fortune
Here’s what actually works:
- Get your reports at AnnualCreditReport.com (it’s free)
- Dispute anything actually wrong (not just “stuff you don’t like”)
- Make minimum payments automatically
- Keep balances under 30% of your limits
- Leave your oldest credit cards open
- Stop applying for every offer you see online
If you’re deep in debt and can’t even get started, talk to someone real. Damon Day is who I trust. You can reach him at DamonDay.com.
🎤 True Story: How One Man Paid $1,500 for Nothing
A guy I helped once paid $1,500 upfront, plus $99/month, to a credit repair “expert” who promised to wipe his report clean.
They disputed every negative item as identity theft.
Guess what?
Two months later—everything came back.
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
And now, his credit report also had a fraud alert.
🔑 Final Word: Don’t Let Desperation Be Your Downfall
You don’t need a new identity to fix your credit.
You don’t need a guru.
You just need a plan.
And the patience to let time and consistency do the work.
So take a breath, stop chasing magic, and boop that like button if this hit home for you.
And hey, subscribe to the podcast or check out GetOutOfDebt.org for more help that actually helps.
