You are probably asking what is a CPN number? A CPN number stand for credit privacy number. Their main purpose is to give privacy to a high profile people such as celebrities, political figures, and even give people in the witness protection program the ability to hide their identity when applying for credit. So if people may apply for these numbers what actually makes CPN numbers illegal?
You are not required to put a social security number down on a credit application. However, It is a federal crime to misrepresent your social security number. People have gone to jail for using a CPN in lieu of their social security number. TIMATRESS TENAKA CADE, of Oklahoma City, did go to jail for using a CPN Number wrongfully. Part of the problem in her case was she purchased numerous items she had no intent on paying back. Using a CPN to purposely deceive retailers about your credit history is illegal. Even if someone was using a CPN number, they would have to let the credit institute know that their number was not a social security number.
You might ask what if I legitimately need a CPN number? We went to the Social Security Agency website to see where you could apply for one. They did not have a location but they did have a warning about them on their Office of the Inspector General website. It also discussed the charging for a CPN number, if anyone attempts to charge you for one this is illegal. Also, be very skeptical of any credit repair firm that uses this as a method of credit repair. Either way, if you did legitimately need one you should go the Social Security Office to ask them. You should not have to pay a fee for a CPN number. Also, when applying for credit let the creditor know this is a CPN and you will be using this in lieu of your Social Security Number.
Do not confuse an EIN number for a CPN number. An EIN is a Federal Employer Number for businesses. Yes, applying for credit with an EIN is legal but this if for business credit only. If you are a US citizen, using an ITIN is not legal, ITIN’s are for people who do not have a legal social security number, normally foreigners who have just arrived. Trying to use both these numbers in lieu of a social security number is still illegal.
From reading above, you probably have gathered this is not the way we will clean up your credit. Even if using a CPN Number in this fashion was legal, you would still have to start out creating credit on it. This would be like being in your 20’s and building credit from scratch. One of the important parts of proper credit repair is we don’t want to abandon tradelines that you have that are healthy on your credit report. In other words, this should take about the same amount of time to build credit on a CPN number as it would to legitimately repair your credit.
We try to stick the facts and dispute your credit-based on that. We try to assist you to create new credit that can be reported with credit agencies to raise your score. The biggest reason of all not to try the CPN number tactic is it doesn’t help your financial problems go away it just avoids them.
Good personal finance strategies attack your problems not pushes them off or away. If someone has tried to offer this as a way to repair your credit, don’t hesitate to contact us at Wasatch Smart Finance. We will come up with a plan to assist you in repairing your credit with methodologies that don’t break the law. While you’re here check the article on how to pick the best credit repair firm.