I often have clients and partners ask me about the legitimacy of the CPN number and usually when I tell them to run in the other direction, it's more than enough to deter them.
However, for those who haven't been scared straight, I'll elaborate to ensure we're all singing from the same sheet of music.
The CPN number seems to be the new rave in the credit and funding space, however, there's really nothing new under the sun... but I'll get to that in a bit!
Unfortunately, many unsuspecting people with otherwise good intentions (and challenged personal credit) are being scammed by uneducated (or unscrupulous) salespeople perpetuating the same ole' tale (we just call it a lie where I'm from).
So what's the truth about the elusive CPN?
The truth is CPN numbers or any other false identification number can NOT be legally used to apply for credit, period!
Now is usually the time when I'll get some blow back from some of my colleagues and industry peers that insist on drinking the kool-aid, or heard of someone (or even know someone) that secured $238,000 in unsecured personal credit using a CPN number.
...Now maybe that's true, however, securing the capital isn't what's in question...
whether it's "Legal" or not is where the "Truth" lies (no pun intended).
So let's cut to the chase, as I said before, there's nothing new under the sun, right?
Simply click the link below to see exactly what have the governing bodies said almost two decades ago about this cunning little practice (since no one wants to do any research nowadays):
FTC Press Release: Promoting False ID Numbers To Create New Identity Is Illegal
Okay, now that we've set the record straight about CPN's, we can get back to the "Real Business" of helping good people through the process of credit education, funding and fiscal responsibility! :-)
Okay...rant over...time to get back to work!
About the Author
Kylon J. Trower is 20+ year serial entrepreneur with a background in residential and commercial lending, business credit development and financing. Most recently, he's built a national network of financial professionals dedicated to preserving the lifeblood of our economy, the American small business sector.
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