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Acquiring Scn/cpn Credit Privacy Numbers
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Signs of recovery are visible in the housing market and it can be expected from the mortgage industry to continue with the home buying activity. This kind of a market calls for new opportunities for frauds and help them in paving way for taking advantage over prospective home buyers. It is a must for the industry to be vigilant about emerging credit building or repair scams, for example the misuse of credit privacy numbers (CPN) for manipulating credit records. It is actually a nine digit identification number that is almost looks like a social security number (SSN) and can be used instead of an SSN for purposes like obtaining credit.
It is the legal right of the owner to keep his or her SSN private. In some cases consumers are needed to disclose their SSN such as to the employers, applying for a federally insured loan, registering a motor vehicle or buying a firearm. The federal law allows the consumers to use a separate identification number legally. CPNs are generally used by the celebrities, political members and witnesses protected by the federal government for the protection of their privacy and security. Credit repair services offer the building of a new credit file for those people who have a bad credit. Some of these services are legitimate while others are not. The customers who are unsuspecting are told that they will be given a CPN which they can use in place of their SSN. This new CPN is then used for concealing bad credit and misrepresent the customer’s true credit history. Those who buy CPNs are generally instructed to provide false information while using the number for applying credit. They are also instructed to provide their real name and date of birth. They are instructed to avoid listing their current address, phone number or any other personal information that might connect the new credit profile with their old record. Once the validation of the CPN is done then a new credit file is created automatically in the database of the bureaus. In course of time a fully clean credit history and a powerful credit score is built.
There are some very important ways to detect the fraudulence of these numbers. They are:
• Loan Prospector owns a functionality that can help in detecting falsified SSNs.
• SSNs can be checked against available public records such as the Social Security Administration’s death index for quick identification of applications that use numbers that have been taken from dead people.
• Enquire the borrower if a CPN is used for the loan application and also find out how it was obtained. The acquisition of a CPN is a free service generally and if a site demands any fee then it is likely that it is not legitimate.
• Verification of all the necessary documents is very crucial. Staying informed about emerging fraud is also very vital.
For a flawless performance all the above mentioned standpoints are very much necessary.
To Know More About Scn and Credit Privacy Numbers Visit Our Website.
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