PERSONAL FUNDING OPTIONS
Personal Funding can consist of getting personal lines of credit and credit cards. You need to have a 720 credit score or above to optimize your chances of getting the funding you are looking for. If you dont have a 720 credit score, we are able to help you get to this goal. Below is two ways of how we can help you be a more attractive borrower to lenders.
By definition, a credit sweep is a complete deletion of all negative information from your credit report found with any or all of the 3 major credit reporting bureaus (Experian, Equifax, and Trans Union).
SCN- SECONDARY CREDIT NUMBER
A SCN number can be used in place of your Social Security Number when applying for credit as long as you fully disclose it is a SCN number. All SCN numbers are privately issued numbers. This number does not replace your current Social Security Number and should never be used for government purposes.
Credit bureaus and creditors do not benefit when consumers obtain a new credit file. According to the 1974 privacy Act you are not obligated to give your Social Security Number to private industry, SCN numbers are legal and are to be used for credit purposes only and not for fraudulent intentions.
Obtaining a SCN will not relinquish you from any previous debt. You are still legally responsible for your own debt. All a SCN number is doing for you is giving you a second chance.
Info from wikipedia.com:
The SCN is a nine-digit number that has the exact same genetic makeup of a Social Security Number. This is not a government issued number like an EIN or TIN. This number is NOT a new Social Security Number and NOT a tax ID or EIN. It is simply an available file number at the credit bureaus that can have financial information reported. You have the right to establish this number only once, so do not abuse it. This explanation is not here to advise anyone to misrepresent your Social Security Number, as you are completely responsible for any debts you incur using your Secondary Credit Number.
It is your legal right to keep your Social Security Number private, and use a separate number for any credit related purposes. You are only required by law to disclose your Social Security Number to the Internal Revenue Service, your employer, when registering a motor vehicle, buying a firearm, or applying and obtaining a federally-insured loan such as FHA, Sallie Mae, etc. We encourage you to use the laws to your advantage.
In addition, the SCN are used by celebrities, congress members/government workers, and witness protection reasons. For example, celebrities use it because the media can use their Social Security Number to track what they are buying and where they are simply by tracking their credit cards.
Further, in example, congress holds special privileges to the law; therefore, their privacy needs to be protected. In another example, witnesses under protection can be located if they use their true social security number for a transaction. This is the reason why there is the existence of a Secondary Credit number program.
Legality of the SCN:
Presently, federal law allows the ability for someone to legally use a private ID # for financial reporting purposes instead of a Social Security Number. Title 5, Section 7 of Publication Law 93-579 of Government Organization and Employees Act:
“(a) (1) It shall be unlawful for any Federal, State or Local Government Agency to deny any individual any right, benefit, or privilege provided by law because of such individual’s refusal to disclose his or her Social Security Account Number. ”
The law states that No federal, state, or local government agency may deny you any right, privilege or benefit due to your refusal to provide your Social Security Number for any other reason than producing money for retirement account with the Social Security Administration, the IRS and your employer today. Credit Bureaus are not legally allowed to “require” your Social Security Number. In our country’s present credit reporting system a person may be assumed guilty and then must expend a great deal of time and resources to prove his or her innocence. Additionally, once a negative item is in a credit file it may remain long past the 7 year time period most people believe is used. Additionally, a misreported item can show up in a credit report multiple times.
When it comes to credit, banking and loans, there are two things you must know. The first relates to the law pertaining to the usage of your social security number as an identification tool. The second, credit bureaus are private companies and are not affiliated with the government in any way, whatsoever. Although, the credit bureaus would like you to think otherwise.
What all this means is Federal Law protects those who do not wish to disclose their personal information (Social Security Number) except when required to do so. All that to say: Instead of a Social Security Number, with the right planning, you now have the opportunity to establish a Secondary Credit Number (SCN), as it is your right to have one.
The numbers that we do provide passes SafeScan, LexisNexis, LTFB, Social Security Number Validator and it is skip traced thoroughly. This is very important because now large banks (like Bank of America, Chase, and Citigroup) and the credit bureaus are catching on to the SCNs and denying everyone who has them because of the past abuse of these numbers. They are being red flagged at the door. Also your trade lines will not stick on a bad number with another person’s name on it.
They are using software like LexisNexis and Microbilt, which had been out for a while but they just started implementing it harder. Your number will not work unless it is a validated SSN in the system and with no name attached to it. Period! Our SCN source have numbers that are issued but not assigned, that is a difference. You could get into serious trouble using someone else’s SSN, as that is considered fraud.
Don’t be fooled by the imitators giving out social security numbers that is already issued to someone else or a deceased person, EIN numbers, or giving you a 9 digit number that cannot be verified or validated on ssnvalidator.com. If it can not be validated with the SSA then you can do absolutely nothing with that number. You can’t even get a Capital One credit card.