Bad credit can make it difficult to get a lot of things in life (and if you have bad credit you know exactly what I mean). Your credit is reviewed for more then credit cards. Today your credit is checked when you apply for credit cards, car loans, a mortgage, an apartment, and even a job. You can and will be denied all of the above without a decent credit score. Imagine not being able to get a job because of your credit and not having the income to payoff the very debts that are causing your credit to decline.
It has become increasingly essential to obtain and maintain a good credit rating. But what do you do if you have blemishes on your credit report? Due to the existing laws and policies established by the credit reporting agencies it is fairly easy for creditors to report a bad debt to put on your credit report, and difficult for you to remove negative and derogatory info from your report. The average time takes a creditor to get a bad debt reported is two weeks, while a bad debt may stay on your credit report from 2-10 years or more, if you do nothing. Even if you contact the credit reporting agencies it can still take up to 90 days to remove or update negative items (if they get removed at all). Even when you remove or correct negative info from your report you never fully recover the points which were lost due to the negative item. If you lose say 100 pts because of negative items removal or correction of those items will only gain back 25-40 pts, you still end up losing points. This system makes it very easy to spiral out of control and end up with a mountain of debt. Even if you have maintained good credit for a good amount of time a few negative items can make it almost impossible to regain that same score.
Now there is hope no matter what your current credit situation is. Even those with the worst credit can benefit from getting a CPN.
The Credit Profile Number (CPN), is a nine digit number separate from your social security number used for credit reporting and tracking purposes. Below is the CPN explained.
(The following section is posted on www.Gatewayreinc.com)
What is a Credit Profile Number?
It is a nine digit number separate from your social security number used to track your credit activities and history.
Can I use this number instead of my social security number?
No, the CPN does not replace your SS number, this number can only be used for credit reporting purposes. It cannot and should not be used for any government purposes including and not limited to: military, child support, DSS income, SSI, taxes, FHA, VA, or any government backed funding.
What can I use my new CPN for?
You can use your new CPN for anything that would normally require you to use your SS number for credit reporting purposes. Use it to receive credit cards, car loans, a mortgage, personal loans etc.
Am I responsible for the debts on my old report?
Yes, you are responsible for all debts on your old report and debts incurred with your CPN. You must remember that while you are rebuilding your credit, you must use your new CPN wisely. If you have had troubled credit in the past don’t repeat your mistakes.
Is this legal?
Yes. You can use the existing laws to your advantage for a change. Due to certain rights guaranteed by the 1974 US Privacy Act Title V, you have the right to keep your SS number private and not be denied service due to your refusal. The credit bureaus are not government agencies, so you do not have to give them your SS number.
What will my new FICO be?
Your credit profile will be blank. You will need to reestablish your credit, by applying for credit cards and other lines.
Is there another way to re-establish my credit?
Yes, we know that re-establishing credit can be a time consuming process. You can add fully paid off trade lines to boost your score. You can get a new CPN with a 700+ score (excellent credit), to use as you see fit.
Are you saying that I can use my CPN to buy investment property or get a loan to start a business?
Yes. Leverage is a tool that has been used by the wealthy for generations. Now you have it to use for your purposes.
About the author:
Amar Brown is the CEO of Gateway Real Estate Inc. a real estate service company located in New York City. His company specializes in creative real estate, mortgages, hard money loans for investors, credit repair and improvement, and consulting.
He is the owner of http://www.GatewayREInc.com and http://www.Your1stMillion.net a website which features information and education on wealth building techniques using Real Estate, Stocks, The Internet, Network Marketing (MLM), Mental Preparation and Motivation. He is an author and speaker on the subjects of , Real Estate, Credit Repair, Wealth Building, and Motivation. For more info on the CPN or info on Wealth Building, contact:
Gateway Real Estate Inc
615 W 164th St Suite 33B
New York, NY 10032
Abrown@GatewayREinc.com
718-395-2270
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Source: http://www.articlealley.com/article_190845_19.html
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