Who Is Bronco Partners And What Is Debt Consolidation?
Bronco Partners is a well-established debt consolidation company committed to making life easier for people. If you’ve been struggling with debt, don’t fret; they offer affordable solutions that will help get your finances back on track and give the peace of mind needed while still being able to make important purchases like retirement or vacations plans without feeling guilty about it later down the line!
A Bronco Partners’ debt consolidation loan allows consumers such as yourself to prioritize what’s most important – whether it’s paying off debts entirely (and finally living), saving money each month by investing in an expensive oven RIGHT NOW rather than spending
Bronco Partners on Credit Privacy
A credit privacy number is also called a CPN for short. It is a nine-digit identification number, similar to the Social Security number. The CPN is usually used by consumers with a bad credit history. It helps them acquire a fresh credit record and start over.
Many credit experts are against using the CPN. Their reasoning goes that it is more trouble than worth and can have a bad impact on your financial situation. Others however believe that getting the CPN can be worthwhile under some circumstances.
In this blog, we take a detailed look at how CPN works and whether it can be useful in your circumstances.
What is the Purpose of CPNs?
CPNs were created in large part due to the privacy laws. The U.S. Privacy Act of 1974 allows consumers to withhold their personal information, such as their Social Security number, when it is not required by federal law.
Your Social Security number can be used to gather a lot of information about you, which is kept in the national database. If you don’t want certain parties to get access to your records, you can use a CPN instead of the Social Security number. It gives you additional privacy and security.
Is It Legal to Get A CPN Number?
A CPN number is generally provided by the Social Security Administration Office. There is no cost and you can get a CPN for free this way. When used for the right purpose, getting a CPN is legal.
In most cases, a CPN is only provided to government officials, celebrities, popular individuals, and people under the witness protection scheme.
However, acquiring and using a CPN for the sole purpose of hiding your credit profile from credit agencies can be seen as fraudulent. This usually happens when you acquire CPN from sources other than the Social Security Office.
There are several, private credit repair agencies that offer to sell you a CPN number for a fee. The CPN number they provide is not legal. These numbers are taken from children, people who have deceased or no longer use their credit cards.
Stealing and using other people’s CPN is a crime.
Keep in mind that the CPN number does not eliminate or delete your existing credit score. Companies that offer to give you a CPN for a complete credit reset are either lying or misleading if they say this.
How Does CPN Affect Credit?
Things get interesting when it comes to applying for credit while using a CPN. Federal law does not mandate that you have to give your Social Security number to a credit card company. That is a requirement put up by credit card businesses.
Your Social Security number is one of the several identifiers that are used by credit bureaus to make sure you are who you say you are. Credit companies also use other information, such as your address and phone number to identify you. This is why CPN sellers encourage users to change their phone numbers and home address data so that they cannot be matched.
When you use a CPN instead of a Social Security number on your application, you can still get accepted for the credit. It is legal to do so, provided you give them the accurate CPN that you received through the Social Security Office. If you provide them with an incorrect CPN, then you are committing fraud.
Since your information is protected under privacy laws, the credit company cannot confirm your SSID. However, that does not mean it isn’t illegal.
But what if you give them your actual CPN acquired from the Social Security office, however, your credit score is not good enough to qualify for the card. Would you be doing something illegal then?
The Three Scenarios of Using A CPN
This is a gray area of the law where special circumstances of the case would be considered. You could be breaking a law or not, depending on your situation.
Think about it. If your credit score was low and the credit company had access to your actual Social Security number, they would immediately pull up your details and deny you the credit card. However, when your identity is hidden under the cloak of privacy and you give them a new address and number as well, they have no way to check your details.
In short, there are three scenarios with using CPN.
- You purchase and use a CPN from an online seller. This is considered a fraud and punishable by law.
- You get a genuine CPN from Social Security and use it for getting credit. In this case, there are two scenarios.
- Your credit card score is good and you would easily qualify for the credit. This is legal.
- Your credit card score is bad and you use the CPN to qualify for a loan that you would not qualify otherwise. This is a gray area and you could be held punishable, depending on the case circumstances.
How to Avoid CPN Fraud
If you are going through financial difficulty and have bad credit, do not try to find an easy way out with a CPN. Most of the CPNs are sold by scammers and hackers. These people do not care if you use the data for cheating credit companies.
They also do not care about you. They would have no second thoughts about selling your personal information to others either.
Buying and using a purchased CPN can put you in jail, even if you had no idea that the number was fraudulent. That is why you should be aware of CPN fraud and its consequences.
The Final Word
When you are facing financial hardship and you are looking at debt settlement vs debt consolidation, something illegal may appear to be the easy way out. However, you should be careful about the path you choose.
There are hundreds of fraudulent websites and scammers online that are trying to sell you a way out of the financial difficulty by resetting your credit. You should be very careful about who you trust and what financial advice you take.
When in doubt, consult a good attorney or a reliable credit repair service. They will give you genuine advice on healthy spending, saving, and money management to help you get financial stability.