34) A FICO score is a credit score that determines the likelihood that credit users will pay their bills. The score is developed using models and mathematical tables that assign points for different elements or pieces of information that best predict future credit performance. FICO scores range from 300 to 850, and are calculated based on payment history, balances owed, length of credit history, types of credit used, and new credit history.
FICO 08––introduced in the latter part of 2008––is a new scoring formula designed to more accurately predict loan defaults. One of the primary purposes of FICO 08 was to eliminate the practice of “piggybacking.” This occurs when individuals are permitted to add authorized users on their credit accounts to boost their credit scores. Many lenders have opposed this change because it inhibits compliance with Federal Reserve Board regulations and hinders authorized users, such as wives and college students, from establishing or maintaining a credit rating.
35) Credit Privacy Numbers (CPNs) are nine-digit file numbers that follow the same algorithm as Social Security.
Account Numbers (SSANs). Currently, federal law allows individuals to legally use CPNs for financial reporting and protects those individuals who do not wish to disclose their SSAN. Individuals who acquire CPNs are completely responsible for any debt they incur using this number.
36) Seasoned trade lines are lines of credit that are held open in good standing for an extended period of time, typically for at least two years. http://www.fbi.gov/stats-services/publications/mortgage-fraud-2008
CPN Number / SCN Number Questions and Answers
Q: What is a CPN Number OR SCN Number?
A: CPN Number / SCN Number It is a nine digit number separate from your social security number used to track your credit activities and history such as a EIN, ITIN, TIN or SSN, but their can be other formalized government or institutionally issued 9 digit number which can be issued and used for credit purposed. Those number well protect your Social Security Number (SSN) from identity theft.
Q: Where does the CPN Number OR SCN Number come from?
A: CPN Number / SCN Numer are coming An independent third party.
Q: Can I use this number instead of my social security number?
A: No. The CPN Number / SCN Number does not replace your Social Security Number (SSN), CPN Number / SCN Number can only be used for credit reporting purposes. It cannot and should not be used for any government purposes including and not limited to: military, child support, DSS income, SSI, taxes, FHA, VA, or any government backed funding, which requires an individual to list a SSN number.
Q: How long does it take to receive CPN Number / SCN Number?
A: To obtain CPN Number / SCN Number Typically it takes 3-6 days.
Q: How quickly can I get my CPN Number / SCN Number?
A: Easy answer soon after you call us or submit our online application we can get you started. After your contract is sign we will assigned you an account manager to get your process finished as soon as possible. IT WILL TAKE 3-6 BUSINESS DAYS TO COMPLETE THIS PROCESS.
Q: What’s the cost for a SCN / CPN ?
A. Please see our CPN Number / SCN Number Pricing on our menu above!
More CPN Number SCN Number Answers
Q: What can I use my new CPN OR SCN Number for?
A: You can use your new CPN Number / SCN Number for any credit reporting purposes. Use it to opening a bank accounts, credit cards, personal loans, auto loans, apartments, utilities, cable, cell phones, etc.
Q: Am I responsible for the debts on my old report?
A: Yes! You are responsible for all debts on your old report and debts incurred with your CPN Number / SCN Number. You must remember that while you are rebuilding your credit, you must use your new number wisely.
Q: Is CPN Number / SCN Number Number legal?
The Privacy Act states, in relevant part:
“It shall be unlawful for any Federal, State or local government agency to deny to any individual any right, benefit, or privilege provided by law because of such individual’s refusal to disclose his social security account number.”
Due to certain rights guaranteed by the 1974 US Privacy Act Title V (View The 1974 Privacy Act), federal law allows the ability for someone to legally use a private ID # for financial reporting purposes instead of a Social Security Number. Title 5, Section 7 of Publication Law 93-579 of Government Organization and Employees Act:
…(a) (1) It shall be unlawful for any Federal, State or Local Government Agency to deny any individual any right, benefit, or privilege provided by law because of such individual’s refusal to disclose his or her’s Social Security Account Number.
The law states that No federal, state, or local government agency may deny you any right, privilege or benefit due to your refusal to provide your SSN for any other reason than producing money for retirement account with the Social Security Administration, the IRS and your employer today. Credit Bureaus are not legally allowed to “require” your Social Security Number. In our country’s present credit reporting system a person may be assumed guilty and then must expend a great deal of time and resources to prove his or her innocence. Additionally, once a negative item is in a credit file it may remain long past the 7 year time period most people believe is used. Additionally, a misreported item can show up in a credit report multiple times. Credit bureaus are private companies and are not affiliated with the government in any way, whatsoever. Although, the credit bureaus would like you to think otherwise.
Q: What will my new FICO be?
A: Any new credit file which is automatically crated by the credit bureaus computer will be blank. You will need to reestablish your credit, by applying for credit cards and other lines. We do provide those services.
Q: What does the law say about credit and financial matters?
A: Title 5 of the United States Code Annotated 552(a) known as the Privacy Act, ruled in part: “Right to privacy is a personal right designated to protect persons from the unwanted disclosure of personal information.” – CAN Financial Corp vs. Local 743, D.D., I11, 1981 15F. Sup. 943, I11.
(A)(1) “It shall be unlawful to deny any individual any right, benefit, or privilege provided by law because of such individuals refusal to disclose his or her social security account number”.
Pub. L 93-579: (B) “Any Federal, State, or Local Government Agency which requests an individual to disclose their Social Security Account Number shall inform that individual whether the disclosure is mandatory or voluntary, by what statutory or other authority such number is solicited, and what uses will be made of it.”
The Equal Credit Opportunity Act (ECOA) prohibits creditors from denying you a loan based on reasons that have nothing to do with your credit-worthiness.
Q: How does this program work?
A: By understanding the law and applying credit re-establishment techniques, our proven techniques specializes in the establishment of credit through a completely separate and legal entity. With your new completely and separate legal entity, you will be able to build a new credit-worthy profile.
Q: How fast can I get credit through my new legal entity?
A: As soon as your new CPN Number / SCN Number has been assigned to you, your new credit profile is created and you can start applying for credit. .
Q: Can I use the CPN Number / SCN Number to open Bank Accounts and apply for personal loans?
Q: Can I use the CPN / SCN on credit card applications?
A: YES; You can use your new credit profile obtain major credit cards, department store cards, gas cards, auto loans, bank loans, real estate, and any other type of financing you desire.
Q: Can you use the CPN Number / SCN Number for mortgage?
A: YES, just not an FHA.
Q: Can I use CPN Number / SCN Number for employment?
Q: Will my current credit profile get mixed in with my new credit profile?
A: The only way your new credit profile can get mixed in with your old in our program is by willingly disclosing your old credit profile information with your new one