You have probably heard the buzz at some point: “there are ways to
create an alternative tax identification number”. So I felt it was
important to discuss this subject so you know the facts, and not believe
the “hype” on the internet.
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
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
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, call us today!