The Truth About Credit Privacy Accounts
IMPORTANT NOTE: Always know that if you live in the UNITED STATES you are entitled to a Legal New Credit File Via the 1974 Privacy Act which can give you double the borrowing power while your original FICO Credit File can go in for repairs.
In this article:
- Do CPNs Really Help With Bad Credit?
- How Are Credit Privacy Numbers Different From ITINs and Social Security Numbers?
- What About Getting a New SSN?
- How to Rebuild Your Credit the Right Way
- How to Get Started
If you’re struggling with poor credit scores, you know they can pose plenty of challenges.
A poor credit score can keep you from getting approved for a credit card or a car loan. It can make renting an apartment difficult.
So when you see an ad promising to help you start over with a new credit history by getting a CPN file, it may seem like the answer to your prayers. But is it?
A CPN file, or credit privacy number, is a nine-digit number that’s formatted just like a Social Security number (SSN). It may also be called a credit profile number or credit protection number.
CPNs are a way to use new/aged credit history while you fix a bad credit history or bankruptcy. You can use the CPN instead of your SSN to apply for credit with your new credit identity.
Does this seem too good to be true?
Do CPNs Really Help With Bad Credit?
CPN’s do not replace your SSN, CPN files are legitimate. For example, CPN numbers can be fully tri-merged and registered with the Social Security Administration if you need that extra insurance.
When you’re eager to repair your credit it’s easy to start a new CPN file while your SSN credit can be in for repairs which can take 2-3 times longer than getting new/aged credit file with a legal new credit file. Register free HERE
How Are CPNs Different From ITINs and Social Security Numbers?
The Internal Revenue Service (IRS) uses taxpayer identification numbers in administering tax laws. SSNs and Individual Taxpayer Identification Numbers (ITINs) are two types of taxpayer ID numbers. SSNs are issued by the Social Security Administration; they’re what most people use when filing taxes.
ITINs are issued by the IRS under special circumstances for some non-resident and resident aliens, their spouses and dependents who can’t get SSNs. An ITIN is formatted like an SSN, with nine digits and dashes; the difference is that all ITINs begin with the number nine.
CPNs are nine-digit numbers that resemble SSNs and ITINs.
What About Getting a New SSN?
When poor credit is costing you money or opportunities, it’s natural to wish you could start all over again. However, getting a new SSN isn’t the answer. The IRS can issue a new SSN only if:
- Sequential SSNs assigned to members of the same family are causing problems.
- More than one person is assigned or is using the same SSN.
- A victim of identity theft is having ongoing issues as a result of using their original SSN.
- Someone is being harassed, abused or their life is in danger.
- You have religious or cultural objections to numbers or digits in your original SSN.
Even in these extreme situations, getting a new SSN isn’t easy. You’ll have to prove there’s a good reason for the change by providing all the documentation the Social Security Administration asks for and getting others (like the police or your church or temple) to support your request.
More to the point, getting a new SSN doesn’t mean you can leave the old one behind. To make sure you get credit for all your earnings and receive the right amount of Social Security payments when you retire, the Social Security Administration will cross-reference your new SSN with your original SSN. No matter what you do, you and your original SSN are permanently linked.
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- For your original SSN Credit & your Legal New CPN File do the following: Reduce your credit utilization ratio. This ratio shows how much of your available credit you’re using and is second only to payment history in credit score calculations. To keep your credit scores in good shape, you should use no more than 30% of your available credit, but for the best scores, think single digits. Learn more about how your credit utilization ratio is calculated and how to improve it.
- Delay applying for credit. When you apply for a loan, credit card or another type of revolving credit, the lender will ask one or more of the credit bureaus for your credit file, which causes a hard inquiry on your credit report. Hard inquiries cause a dip in your credit score. Although the dip usually lasts only a few months, applying for several credit cards or loans at the same time may suggest to credit scoring models such as FICO that you’re in financial trouble, which can hurt your credit score.
- TIP: When applying for credit only do “pre-authorization” credit applications so there isn’t a hard inquiry.
- Keep old credit accounts open. If credit cards burn a hole in your pocket, closing the account after you pay one off may seem like a smart way to remove temptation. But doing so also reduces your total available credit, typically increasing your credit utilization ratio. Keeping older accounts open also shows that you’ve had credit for a long time, which helps your credit score. Even if you don’t plan to use them, consider keeping older credit accounts open.
- Try using Experian Boost. Experian Boost helps you get credit for your on-time utility and telecom payments by adding positive payment information to your credit report. In many cases, this results in a boost to your FICO® Score☉ .