Financial Advisor Jayson Thornton, CFP — REACTS — Use of CPNs, instead of SSNs, on credit applications is illegal and considered fraud. CPN fraud involves the use of Credit Privacy Numbers (CPNs) to mislead lenders and others about an individual’s financial history. CPNs are often sold by unethical companies as a means to “start fresh” with credit, particularly for those with a poor credit history.
What is a CPN?
A CPN (also known as a Credit Protection Number or Credit Profile Number) is a nine-digit number that resembles a Social Security Number (SSN).
Companies that sell CPNs often claim they are a legitimate alternative to an SSN, allowing individuals to apply for credit without disclosing their true SSN or credit information.
Why are CPNs fraudulent?
CPNs are not government-issued or recognized by any financial or government institution.
Many CPNs are stolen or fabricated numbers, sometimes belonging to children, the elderly, or those who are incarcerated.
Using a CPN instead of an SSN on credit applications constitutes fraud and may also be considered identity theft, carrying severe legal consequences.
Risks associated with CPN fraud
Financial Penalties: Using a CPN can lead to hefty fines and even imprisonment.
Legal Consequences: Individuals involved in CPN schemes may face charges for identity theft, mail fraud, or other related offenses.
Damage to Credit: If caught, lenders may flag your account for fraud and negatively impact your credit score.
Difficulty Obtaining Future Credit: A history of using CPNs can make it challenging to obtain legitimate credit in the future.
Reporting CPN scams
If you encounter suspicious offers for CPNs, report them to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov.
You can also contact your state attorney general’s office for further assistance.
Important note
CPNs are illegal, and using them carries significant risks.
If you’re struggling with bad credit, focus on legitimate methods to improve your financial health, such as:
Paying bills on time.
Keeping credit utilization low.
Disputing inaccurate information on your credit report.
Seeking assistance from accredited credit counseling services.
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