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Seasoned trade line

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This article   is written like a   personal reflection or opinion essay   rather than anencyclopedic description of the subject .   Please   help improve it   by rewriting it in an encyclopedic style  .  (December 2010)

A.   seasoned trade line   is  a line of credit that the borrower has held open in good standing for a  long period of time, typically at least 2 years. The "seasoned" part  simply implies that the account is aged or that it has an established  history.

"Piggybacking" Tradelines

"Piggybacking" Tradelines is a practice involving seasoned trade lines, sometimes called piggybacking, which uses a creditworthy borrower's accounts to improve the   credit rating   of an unrelated third party.

The  creditworthy borrower adds the third party as an authorized user of his  lines of credit, but does not actually provide the third party with  materials (credit cards, account numbers, etc.) that would permit the  third party to make charges against that account.

The benefit to the third party is an improvement in their personal credit rating—their   credit score    increases.  However, this does not change their entire credit record, but merely  increases their credit score as a result of the newly added tradeline.  This may make the third party look like a better credit risk, and may  improve the third party's access to new credit. However, a credit score  is only one aspect of the lending process; that is, the borrower must  pass all underwriting procedures, which include much more than the  credit scores of the borrower.

Opponent's Views

Those who oppose the concept of piggybacking would suggest that:

• If the third party is dealing with a lender who uses   risk-based pricing , then their artificially inflated credit score may translate into a substantially lower   interest rate .

•  Artificially modifying credit scores may be consider fraudulent.

•  It's one thing to add a friend or a relative, it's another to add a stranger for profit.

Proponent's views

Those who support the concept of piggybacking would suggest, in response:

• Risk-based pricing, relying solely on credit scores, does not truly  get at the fundamental "risk" of the applicant. So, the access to lower  interest rates is not affected entirely by piggybacking.

• Credit scores are already artificially modified; that is, it is a made  up system. There is no difference between adding an authorized user  tradeline and opening a new account; they both affect your credit score.

• Federal law, specifically the   Equal Credit Opportunity Act , provides for the addition of authorized user tradeline, without regard for the relationship between the parties.

Business Model

1. A company offering the piggybacking service maintains a network of  creditworthy "card holders" or "vendors", those stand by ready to add  strangers to their accounts as authorized users for a fee.
2. A third party, looking to increase their credit score, contacts the  company. The company offers a selected tradeline to the client and  charges the client a fee per account.
3. The client pays the fee (anywhere from $500.00 to $2,000.00 per tradeline).
4. The company submits the order to the card holder.
5. Once the tradeline reports, the company pays the card holder their fee  (anywhere from $50.00 to $250.00 per authorized user) and the company  keeps the remain funds as profit, minus their expenses, of course.

Legality

There  is no cut and dry answer regarding the many questions surrounding the  legality of piggybacking, however, there are many sources that tend to  indicate perhaps a general answer, such as:

• FTC spokesman Frank Dorman said: "What I've gathered from attorneys  here is that it is legal , however, the agency is not saying that it is  legal technically." [1]   Other law enforcement agencies, like the Florida Attorney General's Office, are reviewing whether such activities are legal. [2]

• A report published by the Federal Reserve Board reported "This is  possible because creditors generally have followed a practice of  furnishing to credit bureaus information about all authorized users,  whether or not the authorized user is a spouse, without indicating which  authorized users are spouses and which are not. This practice does not  violate Reg. B"   [3]

• In a written statement from Fair Isaac Corporation on credit scoring  models and credit score before the U.S. House of Representatives  Committee on Financial Services, Subcommittee on Oversight and  Investigations, Tom Quinn, Vice President of Global Scoring Solutions  for Fair Isaac Corporation, stated: "After consulting with the Federal  Reserve Board and the Federal Trade Commission earlier this year, Fair  Isaac has decided to include consideration of authorized user trade  lines present on the credit report..." [4]

Up Front Fees:

While  the legality of piggybacking tradelines seems to remain ambiguous,  there is a potential clear violation of federal law, if for example, a  piggybacking company takes up front fees from their clients.

Section 404 of the   Credit Repair Organizations Act   (the "CROA"), states:

"No  credit repair organization may charge or receive any money or other  valuable consideration for the performance of any service which the  credit repair organization has agreed to perform for any consumer before  such service is fully performed." [5]

Although  the Federal Law appears to be clear, some States, including Florida,  have enacted similar and stricter laws, requiring the use of   Trust accounts   for client funds and a   surety bond   of  $10,000.00 or more. While this is indeed much stricter, it appears to  allow for up front fees if the company is bonded and uses a trust  account. For example, Section 817.7005, Florida Statutes states, in  relevant part:

"...A credit service  organization, its salespersons, agents, and representatives, and  independent contractors who sell or attempt to sell the services of a  credit service organization shall not do any of the following:

(1)  Charge or receive any money or other valuable consideration prior to  full and complete performance of the services the credit service  organization has agreed to perform for the buyer, unless the credit  service organization has obtained a surety bond of $10,000 issued by a  surety company admitted to do business in this state and has established  a trust account at a federally insured bank or savings and loan  association located in this state; however, where a credit service  organization has obtained a surety bond and established a trust account  as provided herein, the credit service organization may charge or  receive money or other valuable consideration prior to full and complete  performance of the services it has agreed to perform for the buyer but  shall deposit all money or other valuable consideration received in its  trust account until the full and complete performance of the services it  has agreed to perform for the buyer;..."

Piggybacking Risks:

The  risk to the "donor" is that the other person might actually make  charges against the account, and not pay it back. The brokers who  provide this service claim that they do not reveal the entire account  number to the recipient, or do not themselves have access to the account  number. It is possible a recipient might learn the account number in  some other way, for example if it appears on his own   credit report . However, this is often insufficient information to make use of the account - a   PIN , expiration date, or   security code   is typically also required. These measures further lower the risk to the "donor".

FICO '08

With  FICO 08 on the horizon many brokers who used to add “authorized users”  to existing credit card accounts have switched to brokering “Seasoned  Primary" accounts. A “primary” account is an account in the borrower's  own name. This practice is not yet tested in the courts as the lender  now has no way of telling your real credit from that of the former owner  who had “seasoned the account”. With an authorized user account the  credit report clearly marks the account as authorized user, this new  practice however the lender is not alerted to the true status of the  account history.

One thing is for sure, Federal Law, such as the CROA and the   Federal Reserve Board Regulation B , at least indicates a permissible purpose for adding authorized user tradelines (s

Add Seasoned Trade Lines to Improve Your Credit Score

The  2007 recession created the housing crisis, historical levels of  unemployment, and the stock-market crash on Wall Street. On Main Street,  most people could not even relate to the financial complexities that  caused the  Great Recession.   Nor  could they understand concepts like the Troubled Asset Recovery Program  (TARP), or the National Economic Stabilization Act.  What lower  middle-class, hardworking person has ever to deal with the idea of 700  billion dollars? I don’t think I have ever  said  the words themselves more than a few times in my entire life!  But  even if we could not relate to such concepts, we could relate to not  being able to pay our mortgage, or our car payment. For most people,  losing a job usually has catastrophic effects upon their lives.

The  results of loss of employment can be quite severe; losing your home,  losing your car, drastic change in lifestyle. The material things can be  replaced over a relatively short time period once a person finds work.  However, what cannot be remedied in the short-term by finding work is  the damage done to a person’s credit rating.  Once that damage is done,  it can take years and years of work to regain one’s previous credit  standing.  And there are no guarantees that a person won’t encounter  difficulties repairing their credit as they will have to deal with  dishonest, deceitful collection agencies, greedy original creditors, and  of course, “the big three” credit reporting agencies –  Equifax ,  Experian , and  TransUnion . We all know it’s a lot easier to lower your  FICO score  than it is to raise it.

From  a socio-economic perspective, it seems quite unfair that wrong-headed  politics can drive the world’s strongest economy into the worst  recession since the Great Depression, cause hundreds of thousands to  lose their jobs, then hold them individually responsible for repairing  their own credit when they weren’t responsible for what caused their  credit score to tank in the first place.

If  you are one of the many people who need to improve their credit score  or repair their already bad credit, tapping seasoned trade lines is one  of the strategies available in the market. Seasoned trade lines are  typically revolving lines of credit that have been aged for at least a  few years.  The age of the trade lines make available a history of on  time payments.  In addition, seasoned trade lines usually have high  limits and low balances.  This, debt to credit ratio assists in  positively impacting a consumer’s credit score by either expanding the  young credit file or lowering the debt to credit ratio previously  establish on the report.  Historically, businesses investors conducted  this practice to improve their credit scores. Now this tool is available  to the public.

Using  seasoned trade lines to boost credit scores is somewhat controversial.  Although financial experts consider it technically legal, some financial  experts consider this instrument – when used as a credit repair method –  very unethical. Recently, several cities across United States and the  Federal Trade Commission  have scrutinized this unconventional method, but all conclude that it is legal.  A Representative of the  Fair Issac  Corporation – the company that created the FICO  credit scoring  system, said at a Congressional hearing that they recognize Authorized  User Accounts  as legitimate.  The value of utilizing AU accounts or seasoned trade  lines is that they produce very fast results.  Following the normal  procedures, it would take  the average person at least 3 to 5 years to  significantly improve their FICO score.  This is because trade lines  have to “mature” to add points to your credit score.  It is also  important to add different  types  of  credit to your file; revolving accounts such as credit cards,  installment accounts such as payments that do not change every month  like a car, or a bedroom set.  Trade lines can be purchased for each of  those types of accounts.  

Rebuilding your credit is a very slow process,  especially if you start with a score somewhere in the 500′s.   Purchasing a trade line will cost you some money, but the pay-off is  more than worth the price.  Whatever the reason you would consider  buying a  seasoned trade line   make sure you check out the company thoroughly, and do your due diligence!

Here’s exactly how trade lines work:

Adding  a seasoned trade line with a significant limit, low balance, and lots  of history will certainly help any credit score. However, the question  is… based on the particulars of a given credit report ,  to what extent will the seasoned trade line help?  If your credit  report shows a significant number of derogatory items such as  charge-offs, collection accounts, late payments, etc., the impact of the  season trade line will be less than in the case of the credit file with  relatively no history (and especially limited or no negative history).   The number, history and status of these credit trade lines comprise a  large part of a person’s credit score.

Credit  bureaus such as Experian, TransUnion, and Equifax look at the amount of  open trade lines, the payment history on the accounts, how long the  account has been open and how long since the last activity on an account  to determine an individual’s credit score. To build positive credit  history a person generally should strive to have approximately 3-5  active trade lines that are “seasoned,” meaning the accounts have been  open for around 2 years, have positive payment history on all accounts  and the accounts should be current and in good standing.

Lines  of credit that are in the name of the primary account user are called  primary trade lines. For example, if Borrower A opens a credit card in  his name, Borrower A is considered the primary account user and the  credit card account is considered a primary trade line. If Borrower A  added Borrower B onto the credit card account as an authorized user,  Borrower B would be considered a secondary account user and this would  be considered a secondary trade line for Borrower B. Authorized users on  accounts are generally not responsible for re-paying any debt incurred  on the account as the primary and/or joint account holder would.

Trade  lines have a significant impact on a consumers FICO score.  For that  reason, businesses that sell access to seasoned trade lines to customers  who are looking to improve their credit score have increased  dramatically in recent years. These businesses find and pay people with  good credit who are willing to add other authorized users onto their  seasoned and positive credit accounts. 

Customers  looking to build their credit pay these businesses for the ability to  be added as secondary authorized users on these established accounts.  This practice is often known as “piggybacking.” In  theory, the positive history of these trade lines help increase the  credit score of the borrower with negative credit history, since these  trade lines are reflected on both the credit history of the primary  holder and on the secondary holder as well. This was generally done with  parents adding their children as secondary users on their accounts to  help their children build credit. However the practice of selling  seasoned trade lines, while legal, is considered controversial and can  be a risky endeavor..

This  method is plagued by legal controversies. Privacy laws and the Fair  Credit Reporting Act make it impossible for lenders to identify whether a  user is related to the primary account holder or not.  Financial  experts admit this is technically legal but can be used “unethically”.  Credit score companies are taking some steps to halt the growing usage  of this method. In fact, Fair Isaac Corporation temporarily changed  their scoring algorithm to effectively stop considering “authorized  users” in their FICO scoring model, but because of the privacy  protection language of the Equal Credit Opportunity Act, they reversed  their decision and currently acknowledge authorized users as legitimate.

WHAT THE FTC SAYS:

FTC  spokesman Frank Dorman said: “What I’ve gathered from attorneys here is  that it is legal, however, the agency is not saying that it is legal  technically.” Other law enforcement agencies, like the Florida Attorney  General’s Office, are reviewing whether such activities are legal.  A  report published by the  Federal Reserve Board  reported “This is possible because creditors generally have followed a  practice of furnishing to credit bureaus information about all  authorized users, whether or not the authorized user is a spouse,  without indicating which authorized users are spouses and which are not.  This practice does not violate Reg. B.”  In a written statement from  Fair Isaac Corporation on credit scoring models and credit score before  the U.S. House of Representatives Committee on Financial Services,  Subcommittee on Oversight and Investigations, Tom Quinn, Vice President  of Global Scoring Solutions for Fair Isaac Corporation, stated: “After  consulting with the Federal Reserve Board and the Federal Trade  Commission earlier this year, Fair Isaac has decided to include  consideration of authorized user trade lines present on the credit  report…”

What’s  in it for people with good credit? They are paid $100 to $150 for every  account they authorize as primary accounts to another user. Some  seasoned trade line companies lure many people with good credit by  promising that they can earn more than $10,000 per month without doing  anything. This method has existed for many years but did not gain much  popularity until now. Most of the time it is used by students who  piggyback with their parent’s credit cards.  The subject of controversy  is whether it is unethical to let other people use your good credit so  they can convince lending companies to approve their loans or mortgages.  A simple Internet search will reveal numerous online businesses,  offering this service to the public. While there are some legit  seasoned trade lines groups, the number of scammers is significantly  growing. One common aspect among the less legitimate companies is the  promise to improve credit scores literally overnight.  If you are  seriously considering purchasing a trade line to increase your credit  score,.

It  is understandable why many people with low credit scores decide to  purchase seasoned trade lines and pay fees ranging from $700 to $5000;  A  good credit score can literally change your life. It can lower your  interest rates, allow you to buy a new home, get better insurance, or  take the vacation of your dreams.  It can also help you attain a  high-paying job that requires a good credit rating. On the side of  cardholders with good credit reputation, there is no risk involved in  putting their good credit “up for sale” because the authorized user does  not have access to the credit card, or the cards’ account number.

 FICO 08 will score authorized user accounts

By  Leslie McFadden  • Bankrate.com

Highlights

• Credit repair firms exploited authorized user accounts
   
• Nearly 2.5 million consumers would have lost their credit scores.
   
• Primary cardholders are responsible for authorized user's debt.
   

Last week Fair Isaac announced  that its latest credit-scoring model, dubbed "FICO 08," will include  authorized user accounts when calculating someone's FICO credit score.

The  company estimates that 50 million consumers are "legitimate" authorized  users on someone else's credit card. Legitimate authorized users have a  relationship with the primary accountholder and a reason to share  access to the account, such as spouses, and parents and children.

FICO  08 was originally designed to ignore authorized user accounts, in an  effort to stem "piggybacking" on a stranger's credit card and  artificially inflating one's score. (Editor's note: All previous stories  describing the design of FICO 08 to exclude authorized user accounts  were based on information that is now outdated. At the time of this  writing, FICO 08 will include authorized user accounts in scoring.)

Previous  versions of the FICO scoring model included authorized user accounts in  scoring. Some credit repair firms exploited that loophole, and offered a  way for folks with bad credit to raise their FICO scores. The consumer  would pay thousands of dollars to get added as an authorized user to the  credit card of someone with a stellar credit history. When that account  showed up on the authorized user's credit report, the person's credit  score would rise. Typically, the authorized user would not receive a credit card. Rather, the consumer paid to get a credit score boost.

Why the change

Fair  Isaac said lenders complained that using FICO 08 would inhibit  compliance with Federal Reserve Regulation B, which requires lenders  assessing a married person's credit risk to consider the credit history  of accounts shared by the spouses.

Fair  Isaac is keeping the specifics of their new analytic approach secret  but says they've found a way to restore authorized-user accounts to the  formula but also reduce the impact of piggybacking.

"The  FICO 08 scores of legitimate authorized users will now reflect the  information on their credit reports about the account(s) on which they  are authorized users," says Tom Quinn, vice president of global scoring  solutions for Fair Isaac.

A  competing scoring model called VantageScore, which was created by the  three major credit reporting agencies, has never considered  authorized-user accounts in its scoring. "VantageScore excludes  authorized-user trade lines, whether with good or bad payment histories,  to ensure the risk assessment of a credit applicant represents the true  credit risk of the prospect and not the originating borrower with whom  the authorized trade line is associated," says Barrett Burns, president  and CEO of VantageScore Solutions.

Burns  says VantageScore complies with Regulation B since "lenders do not have  to consider the credit history of spousal authorized users unless the  information is available." Credit reports don't indicate the existence  of a spousal relationship between authorized user and account holder.

How the change impacts you

Fair  Isaac's announcement should please consumers whose credit history  largely consists of authorized-user accounts. "The millions and millions  of consumers who would've seen their scores go down are not going to  see that happen," says John Ulzheimer, president of Credit.com 

educational services.
 

Read more:  http://www.bankrate.com/finance/credit-debt/fico-08-will-score-authorized-user-accounts-1.aspx#ixzz2TmOeKlY3
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FICO 08 will score authorized user accounts

By  Leslie McFadden  • Bankrate.com

He  estimates about 1 percent of U.S. consumers, or between 2 million and  2.5 million, would have ceased to have FICO scores if FICO 08 had been  rolled out the way it was.

It  could be a long wait before consumers can obtain their FICO 08 scores.  Quinn says Fair Isaac is still revising the model with the three major  credit reporting agencies, after which the company will focus on getting  lenders to test and use FICO 08. He says it's too early to speculate on  when consumers will get access to their new scores.

Pros and cons of authorized users

If  piggybackers were gaming the system, could people still do so by  getting a family member with great credit to add them as an authorized  user?  

Asked  about legitimate authorized users inflating their FICO scores in this  way, Quinn responded in an e-mail: "The innovation we are adding to the  FICO 08 model will help control for the kind of score tampering you  describe. The details of how it works must remain confidential."

It  remains to be seen how people with otherwise low scores will benefit  from their authorized-user accounts after FICO 08 is in place.

Authorized-user  accounts aren't a cure-all, though, cautions Curtis Arnold, founder of  CardRatings.com and author of "How You Can Profit from Credit Cards." He  says credit scores look at many factors and there are bigger components  to worry about.

Authorized  user accounts do impact your FICO scores, but they aren't a major  factor in and of themselves. Here's a look at what influences your FICO  scores:

Elements of your credit score

Source: myFICO.com

Being  either an authorized user or a primary accountholder carries some risk.  Authorized users could see their credit score plummet if the primary  cardholder defaults on that account. Primary cardholders are liable for  any debt incurred by the authorized user, and high balances could damage  their credit scores.

Issuers  must report authorized-user information when the authorized user is the  accountholder's spouse, thanks to the Equal Credit Opportunity Act of  

1974. Issuers decide whether or not to report payment history data for  other authorized users.

Arnold suggests the primary accountholder call and ask the issuer if authorized-user data gets reported.

If  the issuer doesn't report authorized-user information when that person  is not a spouse, it could make sense to add the other person as a joint  accountholder. Doing that, however, makes both parties responsible for  debt acquired by either party.

Read more:  http://www.bankrate.com/finance/credit-debt/fico-08-will-score-authorized-user-accounts-1.aspx#ixzz2TmOtr2ci 

 
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In  2007 there was a lot of talk about the end of authorized user credit  also known as piggyback credit, as a means to boost credit scores. The  benefits of becoming an authorized user is the primary account holder’s  credit can improve the authorized user’s credit scores and help build a  solid credit history. Fair Isaac Corporation (FICO) announced they were  rolling out a new credit scoring model that did not factor in authorized  user accounts. Traditionally authorized user accounts have been used  when spouses add one another to their already established credit  accounts or parents add their children to their accounts. But companies  began to emerge that offered authorized user accounts for a price.
 

A primary account holder would  allow a limited number of unknown authorized users to be added to their  good credit accounts and the company would pay the primary account  holder a fee for brokering these deals. Very similar to “renting out”  your good credit for a limited term and getting paid for it. The  authorized user would not actually get use of the credit account;  however, they would get the benefits of the primary account holder’s  good credit history. FICO considers this practice as misrepresenting a  consumer’s credit risk to lenders. The authorized user would be added  for a short period of time in order to add a quick boost to their credit  scores. Some of the primary accounts would be more than 20 years old  with excellent payment history and very low balances — something FICO  scoring looks kindly upon. According to Fair Isaac Corporation, there  are more than 50 million authorized user account holders. The industry  of purchasing authorized user accounts began to get negative attention;  and in response to the growing use of renting accounts, Fair Isaac  Corporation developed a new scoring model that did not include  authorized user accounts in the scoring formula.
 

FICO 08 was originally set to  begin some time in 2008 and all the major credit bureaus were to begin  using the new scoring model. However, critics have expressed that if  FICO 08 were enforced without the use of authorized buyer credit, it  would be in violation of the Equal Credit Opportunity Act. The Equal  Credit Opportunity Act requires lenders to consider a spouse’s credit  history when determining the credit risk of a borrower. If authorized  user credit were abolished it would have prohibited lenders from  complying with the Equal Credit Opportunity Act. Fair Isaac Corporation  revised FICO 08 to simply FICO 8 which includes the use of authorized  user accounts; however, they now say it has a way to recognize the abuse  of authorized user accounts. It only made sense for FICO 8 to continue  authorized user credit or “piggyback credit” because every generation of  the FICO score formula has included authorized user credit card  accounts when calculating a person’s score. FICO 8 score continues that  policy. Authorized user credit continues to benefit consumers with  shared management of a credit card account. It also helps lenders by  providing scores that are based on a full snapshot of the consumer’s  credit history. FICO 8 does says it “substantially reduces any benefit  of so-called tradeline renting.” Stay tuned for further develops, but  for now, it looks as though authorized user and piggyback credit is  still a viable option in boosting credit scores

Most fixes suggested for updating the SSN system are either technologically untested, expensive to implement or both. 

Nov. 4, 2018, 7:36 AM EST

By Brandi Vincent

At a recent panel on  modernizing Social Security numbers, Candace Worley, vice president and  chief technical strategist for cybersecurity firm McAfee, laid out the  core problem with the national identity system that has been in place since 1936.

“You can’t have 80 percent of your numbers compromised and continue to consider it a secure form of identity,” Worley said.

Social  Security Numbers, or SSNs, remain an integral part of how Americans and  U.S. residents are identified for everything from opening bank accounts  and applying for loans to enrolling in Medicare and filing taxes. But a  series of major data breaches in the past decade have exposed the  Social Security numbers of almost 158 million Americans, opening a large majority of the country to the risk of identity theft.

Those breaches have pushed privacy advocates and politicians to call for a new system.

“Time  is of the essence,” Rep. Sam Johnson, R-Texas, chairman of the House  Social Security Subcommittee, said. “We must promptly evaluate options  and begin putting in place those that will best protect Americans from  identity theft.”

The  problem is well-recognized, but the solution is not. Experts and  politicians have warned that the SSN system is badly in need of an  update, but there is little consensus on just what should be done. Most  solutions are either technologically untested, expensive to implement or  both.

Get smart

One  of the most common suggestions for updating SSNs is moving the U.S. to a  “smart card” system, like the one suggested in a recent report from the  Center for Strategic and International Studies, or CSIS, a nonprofit  research organization that aims to provide solutions for current and  emerging foreign policy and national security issues.

“The  simplest approach to modernization would be for the U.S. to transform  the venerable Social Security Card into a ‘smart card,’” which would be a  plastic card with a readable chip, similar to modern credit cards, the  report states. Under that system, Americans would use two numbers — an  encrypted SSN and a “proxy” number that would link the smart card and  could be changed if compromised.

James  A. Lewis, senior vice president at CSIS and author of the report, said  that smart cards offer the most attractive approach for the immediate  future because they build on existing technology and involve a widely  adopted embedded chip that people are already comfortable using in  credit cards. They would also enable an incremental approach to  modernization that could curtail inevitable hiccups along the way.

Others  aren’t optimistic about smart cards. Paul Grassi, an identity and  cybersecurity expert who served as senior standards and technology  advisor at the National Institute of Standards and Technology, a  non-regulatory agency that develops technical standards, said smart  cards aren’t a good solution.

“Giving  me a smart card does nothing unless the entire global infrastructure of  global institutions is changed to be able to interact with a  smartcard,” Grassi said. “It’ll never happen. The cost would be too  astronomical.”

Joe  Stuntz, principal of cybersecurity at One World Identity, a digital  strategy consultancy focused on trust and the data economy, also said  the smart card plan was too expensive. “I can’t see a budget environment  where this gets prioritization over some of the other things that need  to be funded in terms of cybersecurity or identity,” Stuntz said.

SSN reform is also running short on champions in the U.S. government. Johnson is retiring at the end of his term,  and Rob Joyce, the White House cybersecurity coordinator who called for  ideas for SSN replacements, left the administration in May — and his position was eliminated.Apparently  this country knows that the fast integration methods for illegal  immigrants are CPN numbers, and the seamless ways illegals can enter our  financial system are also CPN numbers. They do not want to fix the  broken system where America and the banking industry can thrive.   According to my personal belief, they want or need a broken system so  that thousands of illegal immigrants can purchase or create new 9 digit  numbers and integrate themselves into the American financial systems. 

To the future and beyond

The  identity and verification needs filled by SSNs are also problems that a  variety of nascent technologies including biometrics and blockchain  theoretically solve, leading some to hope that the best solution for  national identity is yet to come.

But  Stuntz, who previously ran smartcard programs for the federal  government, said a cheaper, more viable solution could be found in  something most Americans use daily: smartphones, which already have  authentication and verification apps for private services.

“When  smartphones have secure environments that could hold this type of  information and be more accessible, I don’t think the cost of a smart  card is justified in that report,” Stuntz said.

As  for biometrics and blockchain, Grassi said that both need to answer  major questions before they could be used to upgrade or replace the SSN  system, including making sure they’re secure and easy to use.

And the U.S. national identity system, Lewis said, is not a place to test out new technology.

“This  will eventually change,” Lewis said. “But making the SSN the testbed  for a deployment involving hundreds of millions of individuals would  create the risk of turmoil in the U.S. economy.”

To ensure fair and equitable treatment for all taxpayers, the IRS issues only one EIN per responsible party per day. This limitation is applicable to all requests for EINs,  whether online, by telephone, fax, or mail. We apologize for any  inconvenience this may cause. Only individuals with taxpayer  identification numbers can apply for an EIN as the responsible party. https://www.irs.gov/taxtopics/tc755 .

According to the IRS's own definition, they permit and recognize that you can start and grow a new business every single day.  I'm confident that the haters who will be listening to every word we say here at home or at work will conclude that we are correct thus far.  Now keep in mind that by saying you can start a new business every day, they are accepting that you can get a new EIN, start a new business, open a bank account, and do everything else that comes with it, including creating a new credit profile.  You can own 365 distinct credit profiles, EINs, and new businesses in any given year, to put it briefly. 

One of the most common question we receive is, "How many credit profiles can you legally own?" The right response, which the haters love to hate, is that you have the right to as many credit profiles as you want. As long as your legal cpn is properly developed you can own as many as you like.  That is not a question that is A FACT.  This is reality.

We recognize that in today's environment, everyone wants to spread a lie and that personal morality seems to weigh more heavily and override the law and even the framework of our own constitutional rights.  This is dangerous to see media companies, google, facebook, small franks opening hold lies and sponsor non truths.

You can see these voices some large some small; sponsor lies, promote non-truths, and feature outright  exaggerations and non-truths listed in Google Search, Facebook, and promoted in the media every single day.

In conclusion, CPNs are legitimate.  Credit profiles are legitimate. These are undisputed facts. 

To the haters, we say: So what if you don't like the truth; does that mean you have the right to try to conceal anything you don't like?  Can we keep our disliked voices, religions, businesses, viewpoints, and ethnicities hidden?  

We have long been proponents of the status quo being changed.  Change the law or implement a system where each person only has one credit profile if you don't like how someone may open a new credit profile each day and escape negative credit that is found on one credit profile.  

The critics will assert that you are only allowed to have one credit profile number, and the IRS will counter that and say, "you are permitted one EIN per day, thus resulting in 365 new credit profile every year if you choose to develop a new legal business every single day."  No one knows this subject better than us; we are the leader,15 years experience and 1 million clients later, we  understand cpn's better than anyone.  The honest arbitrator of truth; and we challenge anyone to dispel this article.

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A FICO score is a credit  score that determines the likelihood that credit users will pay their  bills. The score is developed using models and mathematical tables that  assign points for different elements or pieces of information that best  predict future credit performance. FICO scores range from 300 to 850,  and are calculated based on payment history, balances owed, length of  credit history, types of credit used, and new credit history.  FICO  08––introduced in the latter part of 2008––is a new scoring formula designed to more accurately predict loan defaults.  One of the primary  purposes of FICO 08 was to eliminate the practice of “piggybacking.”   This occurs when individuals are permitted to add authorized users on  their credit accounts to boost their credit scores. Many lenders have  opposed this change because it inhibits compliance with Federal Reserve  Board regulations and hinders authorized users, such as wives and  college students, from establishing or maintaining a credit rating. 

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Credit Privacy Numbers (CPNs) are nine-digit file numbers that follow the same algorithm as Social Security 

Account Numbers (SSANs). Currently, federal law  allows individuals to legally use CPNs for financial reporting and  protects those individuals who do not wish to disclose their SSAN.  Individuals who acquire CPNs are completely responsible for any debt  they incur using this number.

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Seasoned trade lines are  lines of credit that are held open in good standing for an extended  period of time, typically for at least two years.

37 

FBI Intelligence Assessment, Credit Enhancement Schemes Used to Circumvent Tight Lending Practices, 13 March 2009 (UNCLASSIFIED). 

https://www.fbi.gov/stats-services/publications/mortgage-fraud-2008