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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 credit privacy number (CPN), it may seem like the answer you’re looking for.
A CPN is a nine-digit number that’s formatted just like a Social Security number (SSN). It may also be called a credit privacy number, credit profile number, or credit protection number. Companies that sell CPNs to consumers market them as a way to hide a bad credit history or bankruptcy. They’ll also claim you can use the CPN instead of your SSN to apply for credit with your new credit identity.
Companies selling CPNs market them as replacement SSNs, promoting the idea that CPNs are legitimate. For example, one site advertising CPNs claims the numbers are “fully tri-merged with the Social Security Administration.” (Sounds official, doesn’t it?)
In reality, these companies are scam artists. They may obtain SSNs by dubious means—often from children, senior citizens, or prison inmates.
If you’re paying attention, you’ll spot plenty of warning signs that CPN sellers are involved in something shady. While SSNs are issued for free, companies will charge you money for a CPN—sometimes thousands of dollars. They may tell you to provide false information—such as a different address, phone number, or email address—when you fill out credit applications using the CPN. Often, they’ll pretend this is a way to protect your identity—but they’re really directing you to create a false identity.
When you’re eager to repair your credit, it’s easy to ignore these red flags. But using a CPN can lead to much bigger problems than a poor credit rating. No matter how the CPN is obtained, using it on a credit application or anywhere else may be considered identity theft. In addition, lying on a credit or loan application or misrepresenting your SSN is a federal crime.
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.
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:
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.
You can’t instantly wipe away bad credit by purchasing a CPN. A better approach: Take the money you would have spent on a CPN scam and put it toward rebuilding your credit history the right way. Here’s how:
You can begin rebuilding your credit by getting a free credit report from Experian. It tells you which factors are hurting your scores the most, so you can start improving those areas first. By following the steps above and being patient, you’ll gradually improve your credit score. Yes, it takes time and effort, but the positive results will be worth it.
For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.
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