Have you ever heard of a CPN or Credit Privacy Number (also sometimes called Credit Profile Number)? If you haven’t, don’t worry! It’s not a commonly known term, but it can have a big impact on your finances. In this blog post, we’ll dive into what a CPN is, how it affects you, and why it’s important to understand.

What is CPN?

A CPN is a nine-digit number that some companies advertise as an alternative to using your Social Security number (SSN) when applying for credit. Essentially, it’s a way to create a new credit identity. However, it’s important to note that using a CPN for fraudulent purposes is illegal.

How does it affect your finances?

Using a CPN to apply for credit can be risky. For starters, it’s not a legal substitute for your SSN. Additionally, using a CPN to apply for credit could lead to you being involved in illegal activity, and it could also lead to the denial of credit applications.

Why is it important to understand?

If you come across a company advertising the use of CPNs for credit applications, it’s best to steer clear. Instead, focus on building your credit using legal methods, such as Brigit’s Credit Builder*, which can help you establish and build credit over time. With Credit Builder, you can start by setting aside a small amount of money each month, which is then reported to the credit bureaus as a positive payment history. Over time, this can help you establish a credit history and improve your credit.

Remember, building credit takes time and effort, but it’s worth it in the long run. Stick with legitimate methods of credit building, and you’ll be on your way to a healthy credit score and financial stability.

*Impact to score may vary. Some users’ scores may not improve. Results will depend on many factors, including on-time payment history, the status of non-Brigit accounts, and financial history. Results show that customers with a starting credit score of 600 or below were more likely to see positive score change results. A Brigit subscription is required. Credit Builder loans are not available in all states.

Banking services provided by Coastal Community Bank, Member FDIC.