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Money and Finances
Reply to "Credit Card available credit goes from 15K to 50K"
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[quote=Anonymous][quote=Anonymous]Yes this is a known, substantive risk for credit card issuers, something they expend significant resources to prevent- it's called "bust out fraud". Nowadays its more around what's called "synthetic identity", where someone gets a bunch of credit cards around a name/SSN that doesn't actually exist. https://www.transunion.com/blog/how-to-prevent-bust-out-fraud[/quote] Please explain to me how this is "fraud" if someone use their own name to get 21+ credit cards at 50K per card and uses it for five years to max out all 21+ CC while paying the minimum payment during that five years. It is completely "legal" if a person decides to file for bankruptcy if they don't want to pay it back. It is very hard for the CC companies to prevent this when someone who has high income and pay off CC bill on time for like twenty years. It is called the cost of doing business for them.[/quote]
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