I was researching hard money lenders emailing them just trying to find out the criteria of the loans and such. I am new to this so I just wanted to check it out. Well, today I got an email from a company about a CPN (credit privacy number). I have never heard of this. From what I understand they give me a new number to use instead of me giving my social to lenders to check my credit I give this (cpn) number. They attach lines of credit to the number to jump up my credit score like up to $100,000 worth of revolving credit. But there is a $1,500 start up fee and they will bill 18% of the aggregate lines of credit. Now I have never heard of this before. Anybody who is familiar with this or who can comment I would appreciate it. Thank You
CPN’s are a scam–building alternate credit profiles are illegal–check with the Federal Trade Commission.
You can build business credit with a Tax ID, but there are no shortcuts.
It sounded like a bunch of B.Ss when I read. Thank you for comfirming what I thought was a scam too.