Want to know how to get a new credit profile number legally? A credit profile number is also known as credit privacy number. A good credit score is essential when it comes to buying a house or a car. It is also needful when getting special credit cards that have VIP perks.
A good credit score comes in two steps. First, you get access to credit.
Second, you build a reputation of early or timely payment over a reasonable period.
Credit repair agencies came up with Credit Profile Numbers (CPNs) to help people with bad credit score or no credit to have a fresh start and build a new credit profile.
The question is, is this legal and should you go ahead to get one?
How To Get new Credit Profile Number and How They are Advertised?
A Credit Profile Number (CPN) is a substitute 9-digit number that is offered by credit repair services.
They are used in place of your Social Security number.
The promise marketed to lenders and creditors, is that when you get this new CPN number, it will be used to pull your credit reports from the three major credit bureaus – Equifax, TransUnion, and Experian.
CPNs are marketed heavily by credit repair companies.
They promise it is what is needed to distance their client from any negative items or derogatory marks that may be damaging to their credit score.
The idea pitched is that your old credit history and damaged score are tied only to your SSN.
When you obtain a new CPN, it gives you a clean slate to start rebuilding credit under a new profile.
CPNs are sold both as stand-alone products and also bundled into credit repair packages from agencies that promise to help consumers with poor or no credit to improve their profiles and scores quickly.
Why CPNs Ultimately Do Not Work as Advertised
Yes, the promise of a brand new credit slate sounds amazing by getting a new CPN number, but the reality of things is not as advertised.
The reason for this is because when applying for new credit, the credit application process needs more than a Social Security number, (or in your case, CPN).
Lenders want a wide range of information from an applicant so as to ascertain their risks and see if an applicant is credit worthy.
These pieces of information include:
- Full legal name,
- Date of birth,
- Address history, and
- Employment details.
It is clearly spelled out by credit bureau that the only personal identification number that is accepted to bring out credit reports is a valid Social Security number. Made up numbers like CPN won’t work.
Even if you got a CPN, the reality is, it does nothing for you in creating a new credit profile.
It does not detach you from your current credit history. Lenders still require your legitimate personal and financial details.
These details will link you to your true identity and credit record associated with your SSN.
Employer Identification Number vs New Credit Profile Number
Thankfully, there is a legal way a person can access a substitute personal identification number other than their Social Security number. It is called the Employer Identification Number (EIN).
EINs are handy when it comes business processes like operating as a corporation, hiring staffs and operating a retirement account.
Additionally, you can get an EIN for personal reasons but this depends on the state.
In states where this is possible you don’t need an official business to access it.
A solo entrepreneur or freelancer can get one and use it to separate business from personal finances since it can be used to open a business bank account.
This can be an advantage since you can protect your personal credit incase of identity theft.
Seeking Expert Guidance on Credit Repair
EINs are legal substitute if you want to apply for or build your credit but lenders still treat Social Security number as a requirement.
You should not pay for a CPN offered by credit repair agencies since it provides no benefit for you.
Look for a financial advisor or credit repair attorney with impeccable reputation.
They will help you negotiate with creditors to erase negative marks where possible, dispute errors on credit reports, and legally raise your credit status with time.
When you add timely bill payments to the mix, you get a far better result than purchasing a dubious CPN.
Conclusion
The promise of a new Credit Profile Number may sound like good news but in truth they offer no legal assistance in raising your personal credit.
They may offer zero effect when you apply for credit but they can backfire and make things worse for you as using them amounts to fraud.
For effective result, professional guidance, fix errors on your credit report and make timely payments going forward.
As time progress, you will be amaze how much difference this makes.
People Also Asked?
How do I get a new CPN number?
There is no legitimate way to obtain a completely new CPN number to start a fresh credit profile.
CPN numbers are essentially fictional identification numbers made up by credit repair agencies to market their services.
The credit bureaus only accept Social Security numbers linked to your identity for credit checks.
You cannot create brand new credit just by inventing a random 9-digit CPN.
How much does a CPN number cost?
CPN numbers themselves have no inherent cost, since they are not real identifiers.
However, credit repair companies will charge fees to provide you with a made-up CPN as part of their service packages.
Costs can range from $100 to over $1,000 depending on the agency.
But any amount is too much, since the CPN will not work to erase your credit history or generate new credit.
Save your money and avoid CPN services.
How do I create a credit profile?
If you are looking for a short cut to a legitimate credit profile, you will meet with disappointment.
Your credit history is always linked your personal Social Security number.
When you use credit responsibly by making timely payments, avoiding inquiries, keeping credit balances low, and limiting hard checks on your credit reports you help build a positive credit profile.
How long does it take to get a CPN number?
When you register with credit repair agencies, CPN numbers can be made available in a matter of days if not minutes.
They are falsified and not genuine locators.
CPN does not help you in any way when applying for genuine personal credit lines.
The idea behind new CPN numbers fixing your credit is misleading and has no legal basis.
You can have a brighter credit profile if you demonstrate responsible financial habits over time.
Don’t fall for the promise of short cuts like CPN. Let bonafide credit experts help you make progress.