As part of a look around the internet to see what credit and debt offers were about I found this ad for a company called 720 Funding at 720funding.com.
That ad led me to their website where they offer what appears to be advanced fee credit repair packages with upfront fees of $5,500.
Consumers should be very careful when engaging in such services. Not only is advanced fee credit repair prohibited under the Credit Repair Organizations Act but to use a credit report cleaned of accurate but negative items in the application of new credit can expose you to committing credit fraud.
The Credit Repair Organizations Act 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.” Yet 720 Funding is clearly charging upfront fees and expressly says so on their site. – Source, Source
And the CPN activity, that’s another problem area as well. In fact the Federal Trade Commission has spoken out about this type of activity in their sweep in Operation New ID. In those actions the FTC said:
The defendants used the Internet and other media to claim they could help consumers obtain new credit histories by obtaining new identification numbers through a practice known as file segregation. The firms sold instructions about how consumers could substitute federally-issued, nine-digit employee identification numbers or taxpayer identification numbers for social security numbers and use them illegally to build new credit profiles that would allow them to get credit they may be denied based on their real credit histories. Many of their ads claimed the practice was legal. – Source
The defendant used his Web site to claim he could help consumers obtain new credit histories by obtaining new identification numbers through a practice known as file segregation. The defendant sold instructions about how consumers could substitute federally-issued, nine-digit employee identification numbers or taxpayer identification numbers for social security numbers and use them illegally to build new credit profiles that would allow them to get credit they may be denied based on their real credit histories. Using “file segregation” to alter your credit history is a felony. – Source
Call it file segregation or getting a different number to apply for credit, it’s a problematic thing to do. Consider this quote, “When was the last time you saw a credit form asking for your CPN? “Never” is the answer. Credit companies don’t ask for CPNs; they ask for SSNs. If you are asked for a social security number and you give a CPN or a number other than your social security number, you’re lying. Lying to get credit is a crime.” – Source
The website for 720 Funding (720funding.com) is a newly registered domain. It was registered on December 18, 2011 and the ownership of the domain is hidden.
The contact information on the website is even more alarming. The contact number 561-907-1868 says “Text Messages Only.” – Source
The area code on the website, 561 is associated with Florida. A search of the State of Florida records could not find any company authorized to do business under the name 720 Funding or 720Funding. The website of 720 Funding provides no corporate or ownership documentation.
Because of all the issues above, my advice for consumers is to stay away from these services and certainly you should not pay an advanced fee. If you are considering CPN serves, please seek the advice of an attorney in your area before investing in a CPN number and possibly committing a crime by using it to apply for credit.Is 720 Funding Really Offering Illegal Credit Repair and Bogus CPN Numbers? by Steve Rhode