Credit Score Started

Where do you start to get a credit score started? A credit score can open up or it can shut the door on your financial future. This number, based on our successful financial habits, affects our borrowing power and also the rates we pay for car insurance, cellphone services and even cable. FICO has recently launched a new credit-scoring system that will help those with no history of borrowing to get a credit score. A major component of a credit score is to evaluate how much credit you have, how you pay your credit accounts each month and the length of your credit history. The new scoring formula also recognizes consumers’ payment history on other bills. Anyone who already has a credit score will not receive a new score based on this system. The new formula will only be applied to individuals who have too little information for a rating in the current system. This new system will help high-risk consumers access credit.

With our CPN program we can help you get a new credit score started! A credit privacy number, or CPN, is a nine-digit ID that can be used in lieu of a Social Security number for credit reporting and other financial purposes, like applying for a loan. Like an SSN, each person can only have one CPN. It’s used as a unique identifier for your financial transactions and lets lenders and credit reporting agencies keep an eye on your borrowing history. However, a CPN can help you keep your finances safe and hidden from the public eye. For that reason, it’s popular among elected officials, celebrities and people in witness protection programs. As the name implies, it’s mostly used by people who need a little extra privacy.