Can i create a EIN number?

Can I Increase My Score By Creating A EIN?

One other major tip off from the FTC that a credit repair service is a scam: they'll promise to create a "new credit identity" for you This kind of strategy is pure fraud. It involves either providing you with a stolen Social Security number, or advising you to apply to the IRS for an EIN number (employer identification number). An EIN is an identifying number used by business entities, and a scam may include applying for one and using it to apply for fresh credit -- along with other fraudulent information.

These arrangements are completely illegal, and should be a clear sign that the credit repair company isn't legitimate. A credit repair company that is not reputable will take your money, not settle your debts, and waste a lot of time. In the process -- while you are thinking that they are improving your credit score -- your score will actually fall due to the fact that your debts are not being properly serviced.

Consumers are told to apply to the IRS for an Employer Identification Number (“EIN”) and then use the EIN in lieu of their Social Security number when applying for credit, in order to create a completely new credit file in which the old debts will not appear. The scheme essentially involves an attempt to hide one’s identity from creditors by getting credit with the EIN and a name and address that differ slightly from accurate identifiers. It is illegal.

Companies promising a “new credit identity” say they can help you hide bad credit history or bankruptcy for a fee. If you pay them, these companies will provide you with a nine-digit number that looks like a Social Security number. They may call it a CPN — a credit profile number or a credit privacy number. Or, they may direct you to apply for an EIN — an Employer Identification Number — from the Internal Revenue Service (IRS). EIN’s are legitimate numbers, typically used by businesses to report financial information to the IRS and Social Security Administration — but an EIN is not a substitute for your Social Security number.

The credit repair companies may tell you to apply for credit using the CPN or EIN, rather than your own Social Security number. And they may lie and tell you that this process is legal. But it's a scam. These companies may be selling stolen Social Security numbers, often those taken from children. By using a stolen number as your own, the con artists will have involved you in identity theft.

If you follow a credit repair company’s advice and commit fraud, you might find yourself in legal trouble. It’s a federal crime to:

• lie on a credit or loan application

• misrepresent your Social Security number

• obtain an EIN from the IRS under false pretenses

The bottom line is that if you use the number they sell you, you could face fines or time in prison.

To read more about this, head over to the huffington post or click the link below.

http://www.huffingtonpost.com/neal-frankle/3-junk_b_3880042.html

can i create a ein number?

can i create a ein number?

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