I am a 23 year old female just now entering the professional working world and learning about credit. I've come to find out that my credit is bad, due to my parents opening credit cards while I was in college, using my personal information. These cards have outstanding balances, delinquent charges, etc. Though my parents have vowed to fix the situation, I still am very worried since none of this is my fault. What can I do? Is there any way to transfer these credit cards to their names?

ANSWER

The BIDaWIZ Team's Answer:

Unfortunately, your worry is warranted.  It is possible to have the situation corrected, but it can sometimes be difficult.  There are steps you can take to improve your credit, starting with disputing the items with each of the three credit bureaus.  The difficulty in doing this proving that you yourself did not open the accounts.  A possible way to aid in getting the items moved to your parent's name or to have them removed from your report is to have your parents write and sign a letter explaining what has occured, and then provide them with all of their information so the accounts can be moved to their names.