At one time, hundreds of websites were advertising that they could get you a new substitute EIN number with a new address, for the sole purpose of setting you up with a new identity.  In this way, your "bad credit" history would be bypassed, and you could start over.  Many people paid hundreds of dollars to these firms in hopes of getting that new financial life.

Then the Federal Trade Commission got involved, and put a stop to that practice for one reason…it is illegal. 50 of those firms were charged with crimes, and in this way, the word got out that to sell this type of service would get you in serious trouble.  Here are some of the ways that these firms set people up for a new identity:

PIN (personal identification number):  a pin was a "made up" number.  Using nine digits with the hypens in the right place, people starting using this new number as a social security number.  It was thought that by having at least one merchant accept this new number, it could be considered legitimate.

CPN (credit privacy number):  a CPN is a nine digit number, also "made up", that looks like a social security number. 

While both of these practices are actually legal in the formation of them, using them with any kind of lender is considered fraud.  Defauding a lender is a serious crime, punishable with fines and jail time.  In fact, in the case of using an alternative to a valid social security number for a mortgage, the fine can be $100,000 and  up to 30 years in jail for federal cases, and more for state cases.

In these uncertain times, you are much better off working with a credit restoration specialist who can assist you with cleaning up your credit report using your original social security number.  Using the Fair Credit Reporting Act, a seasoned expert can show you what needs to be addressed.  Remember, you have the RIGHT to dispute innacurate, incomplete, misleading, and aged information from your credit report.  By removing those negatives, your score can improve.  A credit restoration specialist can coach you on how to fight these inequities and win!  They can also provide you with strategies and information about adding positive lines of credit to your credit file.  CLICK HERE to get started today!

After this cleanup has been completed, and even during the process, there is one LEGITIMATE way you can stop using your social security number to personally guarantee loans for houses, vehicles, credit cards and more.  If you have a buisness, or have been considering starting one, then you can follow our plan to get you a Federal EIN number, and eventually a DUNS number.  Dun and Bradstreet is the premier purveyor of business credit monitoring.  Getting an 80+ PAYDEX score will assist you with putting everything you buy into a company, guaranteed by that company.  This frees up your personal credit, so it can remain as good as possible for the future.

To learn more about how you can get business credit started for yourself, CLICK HERE.

Donna Perkins