Identity fraud is a major problem, but so is something new. It is called synthetic identity fraud. When you want to repair your credit, beware of attempting to repair credit with CPNs. These are often a form of fraud.
This is where a company or individual offers to sell unique nine-digit numbers that you use together with a new address for yourself to apply for credit from various creditors, lenders or banks. The truth is that CPN or credit profile numbers are illegal, and anyone offering to sell them is committing fraud.
Most of the time these nine-digit numbers are social security numbers. They are taken from children who have yet to be able to open up lines of credit in their names. They are stolen and then sold from credit repair outfits that are doing fraudulent businesses.
The FBI recently confirmed that there are no government agencies that use or issue CPNs. However, some small businesses online claim that they do publish individual numbers legitimately to help you repair credit with CPN style information.
You can legally repair credit with CPNs, only you want to do it with a number issued in your name and address, most preferably your social security number. If the FBI says there are no CPN numbers, believe them.
There are credit repair companies that charge a nominal fee, however, to help you start a fresh credit profile. These repair agencies may not be professional counseling services, but if you do some background checking, you might find they are legitimate. These companies alleges that they do not issue nine-digit CPNs that are designed to replace social security numbers. They further allege that you should not use those numbers to apply for any government-back funding, SSI, child support or FHA or VA loans.
They offer credit repair by obtaining you a new credit profile with a credit profile number or what they call an SCN. This is short for secondary credit numbers, and they are the same thing as a CPN, which is something you should be wary of if you are thinking of working with such an agency.
It could also be advised to you not to use a CPN as a permanent credit solution that may make them seem like they are legitimate. They may think they are legitimate, but there is no legal thing called an SCN or a CPN. Still, they suggest that you can get on with your life using a number they get for you by skip tracing information and validating it prior to issuing it to you.
The problem with these agencies is that they will tell you they do not sell recycled social security numbers. You have to be extremely careful in working with them. If they promise to help you take negative items off your credit report, you might employ their help, but exercise caution.
Your best bet is to take credit repair into your hands. You do not have to pay anyone anything to do this. You can call each creditor with whom you are having a problem and work out a repayment plan for your debts. Getting debt under control debt takes time and patience. It can be grueling, but it is worth it in the end.
If you need help with making arrangements, you could hire a credit repair professional or counselor to guide you through the process. You can also opt for protection through the US Bankruptcy Code. While you should attempt to handle your debts without filing bankruptcy, consult a free legal assistant for information on how filing might help you get debt relief.
Do not risk the trouble that you can get into by purchasing stolen social security numbers or CPNs. Sometimes it cost you thousands of dollars to do this, and it gets you nowhere. If your credit is less than perfect, there are things you can do to fix it without paying anyone for repair credit with CPNS or anything. It will take time but that and patience – is about it.