Credit File Ruined Because of Parents

The last time I checked my credit score was a few years ago, and I had a score of 700+ (Experian). I checked again this month because I was denied another mobile contract on the basis of having a bad credit score. It's now 299! I have 2 defaulted credit accounts, both of which I knew nothing about. I asked my mother about it and she said it was because a) the loan she took out in my name a few years ago (I didn't know much about finances then, or about a credit file, and she promised she'd pay it back on time) had defaulted since she broke the agreement. b) she ordered things from Shop Direct (?), but 'put it in her name' - she's obviously lying, as I wouldn't have it on my credit file if so! And the second debt is being chased up by Lowell, which I read are a b****** of a company to deal with.

I just turned 21 and I'm still in University. I wanted to get a credit card to aid my credit score but obviously can't now (unless I want one with ridiculous interest rates). I know this stuff stays on your file for 6 years, so I'll be 27 by the time my file becomes 'clean'. The thing is, this will still impact my chances of getting a mortgage in the future wouldn't it? Since you have to declare defaults, CCJs etc. high-street lenders will not be willing to lend to me. She doesn't understand finances much herself, but I was so angry when I found out. My financial future is ruined because of her, but she just doesn't understand the implications of her actions.

Is there anything I can do in the meantime to aid my credit score? I'm thinking of applying for a credit building card. Would getting a small loan (if possible) and paying it back in full asap boost my score too? Or do I just have to wait out these defaults and start really building up my score in my late/early 30s?

The last time I checked my credit score was a few years ago, and I had a score of 700+ (Experian). I checked again this month because I was denied another mobile contract on the basis of having a bad credit score. It's now 299! I have 2 defaulted credit accounts, both of which I knew nothing about. I asked my mother about it and she said it was because a) the loan she took out in my name a few years ago (I didn't know much about finances then, or about a credit file, and she promised she'd pay it back on time) had defaulted since she broke the agreement. b) she ordered things from Shop Direct (?), but 'put it in her name' - she's obviously lying, as I wouldn't have it on my credit file if so! And the second debt is being chased up by Lowell, which I read are a b****** of a company to deal with.

I just turned 21 and I'm still in University. I wanted to get a credit card to aid my credit score but obviously can't now (unless I want one with ridiculous interest rates). I know this stuff stays on your file for 6 years, so I'll be 27 by the time my file becomes 'clean'. The thing is, this will still impact my chances of getting a mortgage in the future wouldn't it? Since you have to declare defaults, CCJs etc. high-street lenders will not be willing to lend to me. She doesn't understand finances much herself, but I was so angry when I found out. My financial future is ruined because of her, but she just doesn't understand the implications of her actions.

Is there anything I can do in the meantime to aid my credit score? I'm thinking of applying for a credit building card. Would getting a small loan (if possible) and paying it back in full asap boost my score too? Or do I just have to wait out these defaults and start really building up my score in my late/early 30s?

Surely the more important point here is that your mother has fraudulently obtained credit in your name and defaulted on it?! And by knowing about this and keeping quiet, you are colluding with the fraud.

All this credit building stuff isn't really relevant in your case. You need to report the financial crime which you have suffered. If you're not prepared to do that, then you are as criminal as your mother has been - you have been party to obtaining money by deception and then defaulting on the debt.

I didn't know much about loans or anything when she took the first one out. I had assumed she paid it all back as I didn't hear anything about it (or the debt collection company) for the years after the incident. Secondly, I had no idea about her buying catalogue goods in my name, and not paying them back on time. Lastly, I found out about this all not too long ago, and have been trying to come up with a solution ever since. Reporting my mother would be the easy, and most sensible decision, however please do not criminalise me for not doing so when the situation is a little more complicated. She's a single parent with 3 dependent children, who all have no where else to go if legal action was taken upon her. I certainly have no means of supporting them if this was to happen. I'm not happy about it, nor am I proud of having to do so, but using my savings I'm intending to pay the outstanding sum of approximately £300 for both debts in full in order to settle the accounts. I have also told her that she can no longer make any financial decisions without either consulting me, or a specialist, on the consequences of such actions. And I have canceled any credit she has left open that she doesn't need (such as credit cards, store cards etc.) I have also made it so that there needs to be extra verification if credit was to be taken out in my name, so that she can't do this again.

Yes, reporting her is the right option, however that's just not feasible right now given our circumstances. I've ensured that she hasn't done this to anyone else, and I am going to make sure she researches and understands the criminality and unlawfulness of, what is essentially, a fraudulent activity that she has committed.

I am not asking for your judgement, just your understanding and hopeful advice. I have no choice but to take on this burden, in order to keep my younger siblings in a good home with a good mother (because although she has done this, she is an incredibly good parent. I just think she doesn't fully understand how finances, loans and credit works). I'm certainly not going to forgive her for this, and she is to pay me back the money I have to spent settling her debts. I just need advice on how to go forward from her in spite of those defaults. Nonetheless, I appreciate your initial response.

I just think she doesn't fully understand how finances, loans and credit works

'please do not criminalise me for not doing so when the situation is a little more complicated'.