WHAT IS A CREDIT PROFILE NUMBER "CPN"?
CPN Program: Created by the Credit Privacy Act of 1974 What is a CPN? The Credit Privacy Number, or CPN, is a nine digit identification number that can be used to report financial information to credit bureaus. Available for use primarily in the United States, the CPN can be utilized instead of an individual’s nine digit Social Security number for many types of credit transactions. However, the CPN should not be viewed as an equitable substitute for the Social Security number in all situations. Also known as a credit profile number, the CPN has its main advantage when it comes to tracking credit transactions and evaluating credit history. Rather than using a Social Security number for all credit transactions, using a CPN makes it easier to segregate finances in the event of identity theft. Without access to a Social Security number, the thief is somewhat limited in the amount of difficulties that are created for the rightful owner of the number. This is because there are several types of financial transactions that cannot be conducted using the CPN. Transactions that cannot be conducted using a CPN include information given to an employer, documents submitted to the Internal Revenue Service, and registering a car or truck. The CPN also cannot be used when applying for one of the several government-sponsored home loan options, such as Sallie Mae or an FHA loan. However, a legal CPN can be used when applying for credit cards and obtaining financing that is not government related. One of the urban myths surrounding the use of a CPN is that the credit file number can be used to avoid paying outstanding debt. In fact, the individual remains liable for all debts incurred on credit accounts referencing a Social Security number or a CPN.
Obtaining a CPN will not result in establishing new credit to replace bad credit generated under a Social Security number. One truth about CPN usage is that there are many citizens of the United States that routinely use this type of identification number. Celebrities often use a CPN as a means of protecting their privacy when it comes to credit cards, loans, and other financial transactions. Members of Congress are also likely to use a CPN in order to minimize the chances of private details about their finances being released to the general public without their authorization. People placed within a witness protection program are often issued a CPN, as it is much harder to track than a Social Security number. Any citizen of the United States can request and obtain a CPN. However, it is only possible to receive one CPN. The number remains constant from the date of issue and is connected with the owner of the number for the remainder of his or her life. As with a Social Security number, the owner is responsible for using the CPN with prudence. This means knowing what type of transactions require use of a Social Security number and which transactions may be conducted using a CPN. In the event of a bankruptcy, any outstanding debts listed under an issued CPN number and the individual’s Social Security number must be declared in order to be including in the debt relief.
CPN Frequently Asked Questions
Q. Is this a Tax ID/EIN?
A. No. Tax ID/EINs are used for businesses and corporations. Q. What will my FICO score be? A. Your score will start out blank. This program gives you the opportunity to re-establish credit. As trade lines are added to your file legally, the scores report shortly thereafter, usually within 30 business days. This is your chance for a new start or complete privacy. Either way, this can only be done once, so strive for the best results you can get. We will give you more tips on how to improve your own personal social security number based score and your CPN score.
Q. Is this legal?
A. Yes, obtaining a CPN is legal. Using it fraudulently is illegal.
Q. Can I use the CPN to apply for a mortgage loan?
A. No! Mortgages are secured by real estate and is insured. The government has gone to great lengths to protect identities under the Patriot Act. Using your CPN for mortgages would be a huge conflict, because as soon as they run your CPN, they will see that the issue date and your date of birth will be way off. Also, you are required to provide a copy of your SSN when applying for a mortgage. Our program is strictly for privacy and credit restoration.
Q. Can I use the CPN to open a bank account?
A. No! Opening a bank account under your CPN would be fraudulent, because the bank must be able to identify you by your SSN.
Q. Can I use my CPN to rent a house or an apartment?
A. Yes, just make sure you have established credit on it first. Most landlords just want to see that you are responsible with your credit. You will have started fresh with our program which will allow you to rent an apartment or house with no problems.
Q. Should I use my current address with my CPN?
A. No, you must not use your current address while using your CPN. You should not use any address that you have used in the past or that is in any way associated to your SSN. If you use the same addresses associated with your SSN, your credit profiles will merge together, this would defeat the purpose of establishing a secondary account. The address must be a real residence address, you cannot use a P.O. Box, Private Mail Box, or business address. The credit bureaus are a huge database, and addresses are one of the means they use to associate profiles. The only purpose of this address is to receive your new credit cards and it will not be used for anything else after that. You can use a friend, relative, co-worker, neighbor, anyone who would be willing to hold and give you your mail.
Q. Can I use my CPN to obtain a state ID or Drivers License?
A. No, the purpose of the CPN is for privacy and to re-establish credit.
Q. Am I responsible for the debts on my old report under my SSN?
A. Yes! The purpose of the CPN is not to defraud your creditors or to escape your responsibilities. Bankruptcies and debt will not show up on your CPN unless you merge the CPN with your SSN. It is important that you do not associate your CPN and SSN. Consider this a new beginning for you and make sure you do not repeat the mistakes that destroyed your personal credit.
Q. Does CPNs come from people that are deceased or incarcerated?
A. NO, our CPNs are issued the same way SSNs are, we simply secure the number for you. Once the number is issued to your name, it cannot be re-issued to someone else legally. It no longer shows up as available, so you should have no concerns about it being used by someone else. We run the number through skip trace and several other systems to make sure that you are issued an exclusive number specific to the state that you reside in.
Disclaimer and Disclosure: This program is not intended to be used as a method of defrauding banks, creditors, or any other organization that requires your social security number as identification. This program is not a method to avoid paying your existing or future debts. If you created the debt, you are responsible to repay that debt. However, we will not support, facilitate, nor condone any fraudulent activity.