In the realm of personal finance and managing credit, many individuals often seek ways to improve their financial situation, particularly if they have encountered challenges in the past. Credit Profile Numbers (Legal CPNs) have become a subject of controversy within this context. The purpose of this article is to shed light on what exactly a Legal CPN entails, how it’s created, its intended usage and the legal implications that come along with it.
What Is A Legal CPN?
A Credit Profile Number, commonly known as a Legal CPN, is a nine-digit number that follows a format similar to that of a Social Security Number (SSN). However, it’s important to note that Legal CPNs are not issued by the government like SSNs. Instead, they are marketed as an alternative or secondary number that can be utilized for financial and credit-related matters.
Initially, Legal CPNs were primarily intended for business and credit tracking purposes. They allowed companies to maintain records of transactions with individuals. However, over time, fraudsters started promoting Legal CPNs as a means to establish a new credit identity or “start fresh” with a clean financial slate.
How A Legal CPN Is Created By Fraudsters
1. The Legal CPN creator first visits a free social security number (SSN) generator website. They generate a SSN based on your state and assigned to the youngest age possible. Basically, they are picking a real SSN that is most likely assigned to a young adult, teenager or child from your state.
2. The Legal CPN creator then accesses the LexisNexis database to make sure the “borrowed” SSN is not currently active and doesn’t have any existing tradelines associated with it. Most likely it won’t pull up any records in LexisNexis because of the young age of the person who the SSN really belongs to.
3. After confirming the SSN is not currently active with no existing tradelines, the Legal CPN creator will then place several hard inquiries on the SSN by submitting fake applications on mortgage loan websites utilizing the SSN with your personal information. This step creates a new credit profile, in your name, with all three major credit bureaus (Equifax, Experian and TransUnion). After this step, you are able to start using your new CPN/SSN.
4. For additional fees, the Legal CPN creator can also place seasoned tradelines on your new credit profile to boost the credit scores of your new CPN/SSN.
The Controversy Surrounding Legal CPNs
The controversy surrounding Legal CPNs arises from the questionable practices associated with their utilization. Although obtaining a Legal CPN is not inherently illegal, it’s important to understand that how you use it can potentially cross legal boundaries. Here are some important points to consider:
1. Fraudulent Use: Engaging in fraudulent activities, such as applying for credit, loans or financial services with the intention of deceiving or misrepresenting your identity using a Legal CPN, is illegal. These actions can lead to charges of identity theft and fraud.
2. Misrepresentation: Some individuals may be tempted to use a Legal CPN to hide a troubled credit history or avoid financial responsibilities. It’s crucial to understand that this type of misrepresentation can have serious legal consequences.
3. Credit Repair Companies: Certain companies involved in credit repair or unscrupulous individuals may promote Legal CPNs as a quick way to improve credit scores. They often charge significant fees for these Legal CPNs and may provide false or misleading information about their legality and effectiveness.
4. Limited Acceptance: It’s important to note that Legal CPNs do not hold the same legal standing as Social Security Numbers (SSNs). As a result, not all creditors or financial institutions accept them. Using a Legal CPN instead of an SSN could lead to complications when trying to open bank accounts, apply for loans or engage in other financial transactions.
Are Legal CPNs Legit Or Illegal?
The legal status of CPNs falls into somewhat of a gray area. While they are not inherently illegal on their own, using them for fraudulent purposes or misrepresenting your identity is against the law. Participating in such activities can lead to criminal charges, including identity theft, fraud and other related offenses.
It is essential to stress that establishing a solid credit history should be accomplished through responsible financial practices rather than resorting to questionable methods like Legal CPNs. Responsible financial behavior entails making timely payments, managing debt responsibly and maintaining a positive credit record.
Legal CPN Conclusion
In conclusion, Credit Profile Numbers (Legal CPNs) spark debates in the realm of personal finance and credit management. While Legal CPNs themselves are not inherently illegal, their misuse for fraudulent purposes or misrepresentation of one’s identity is against the law and carries severe legal consequences.
Individuals aiming to enhance their credit should prioritize responsible financial conduct and explore legitimate options such as reputable credit repair services, credit counseling, debt management programs and budgeting techniques to achieve their financial objectives. Building a robust credit profile takes time and dedication but is an invaluable pursuit that can foster long-term financial stability and security.