A CPN number is short for credit privacy number of credit profile number. It is a nine-digit number that is often promoted by companies as a tool to help you establish a new credit identity.
These companies encourage consumers to swap their Social Security numbers for CPN numbers when applying for credit. Doing so is intended to mask poor credit history that continues to haunt consumers and keep them from qualifying for credit products.
Should You Get a CPN Number to Fix Your Credit?
Considering a CPN number to re-establish your credit identity or give yourself a clean slate? Don’t do it. They’re illegal and could land you in jail.
The CPN issuer may tell you that it’s perfectly fine to use your CPN instead of your Social Security Number when applying for credit. They’ll tell you that as long as all your other personal information, including your name and address matches up, you will be good to go.
However, falsifying your information on applications for credit is an offense that’s punishable by federal law. It’s also illegal to use a different number in the place of your Social Security number.
Where Do CPN Numbers Come From?
CPN numbers are a combination of random 9-digit numbers and actual Social Security numbers. Unfortunately, the Social Security numbers that are sold to consumers as CPNs usually belong to children or the deceased.
A Better Way to Boost Your Credit Health
Struggling with poor credit? There are better ways to improve your credit health without falling victim to a CPN scam. Some tips to help you get started on the path toward rebuilding your credit score:
- Make timely payments on your debts. Payment history accounts for 35 percent of your FICO score, so it’s essential to make timely payments each month. You also want to get current on your delinquent accounts and stay current, as late payments damage to your credit score and linger for 7 years.
- Pay down your revolving debt balances. Your credit utilization ratio, which is the percentage of your credit limit credit in use, accounts for 30 percent of your FICO score. If you have a credit card with a $5,000 credit limit and you’ve spent $2,000, your ratio will be 40 percent. Try to get this figure down to 30 percent or lower to give yourself the best shot at a higher credit score.
- Don’t close dormant credit card accounts. This could increase your utilization ratio and hurt your credit score.
- Only apply for new credit as needed. Typically, when you apply for credit, a hard inquiry is generated and your score will be impacted by a few points. If you apply for multiple credit products in a short period, your score could take an even bigger hit.
Start Rebuilding Your Credit Now
MoneyLion makes it easy to boost your credit health. Consider a Credit Builder Loan to strengthen your payment history and put some extra money in your pocket.
There are no credit checks, which means your credit score won’t take a hit when you apply. If you have a steady source of income (or even a history of deposits from unemployment or benefits checks) and a bank account that’s at least 60 days old and in good standing, you may qualify for a loan of up to $1,000.
Here’s how it works:
- Download the MoneyLion app to your mobile device.
- Create a free account with your email address
- Link your checking account to apply for Credit Builder Plus.
- Apply for a credit builder loan.
- Accept your loan offer.
As part of the approval process, MoneyLion will securely scan your linked checking to gauge your financial health. You may qualify to get up to 100% of the loan proceeds in your bank account in minutes. The stronger your financial health, the more you’ll receive up front. Any portion of the loan funds that is withheld will be saved for you in an interest-earning Credit Reserve Account until the loan is paid in full. When you pay off your loan, you get the rest of the cash!
Loan payments are automatically deducted from your account, so you won’t have to worry about due dates. Timely payments are reported to the 3 credit bureaus – Equifax, Experian and TransUnion – which strengthens your payment history and helps increase your credit score.
Unlock this exceptional loan product for only $19.99 per month, plus your loan payments. As a Credit Builder Plus member, you will also have access to 0% APR cash advances from Instacash, exclusive rewards, credit tracking with weekly score updates, and more. And as long as you’re a member, you’ll be able to borrow again without reapplying, and you’ll likely get a better loan offer each time.