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Understand the language
The glossary explains credit and funding terms without requiring you to buy a product.
Separate facts from promises
Myth busters and scam alerts help you ask better questions and avoid misleading claims. Never share sensitive identifiers with an unverified provider.
Scam alerts
If someone promises guaranteed approvals, asks you to use a CPN or new identity, or offers to change your financial records, stop and talk to us.
CPN or “new credit identity” offers
What it is: A seller offers a credit privacy number (CPN) or another number to use instead of your Social Security number on credit applications.
Why it is a problem: Using a CPN or another person’s number to deceive a lender or conceal identity may constitute federal crime or fraud. A CPN is not a lawful replacement for an SSN.
What to do instead: Use your accurate identity information. Check your credit reports through authorized channels and seek help from a reputable nonprofit counselor or qualified attorney if needed.
What it is: A promoter claims you can start a separate credit file with an EIN and keep personal credit problems hidden from lenders.
Why it is a problem: An EIN is a tax identifier, not a substitute identity or a way to conceal required information. Misrepresenting identity or omitting requested information can be unlawful and may lead to denial or legal consequences.
What to do instead: Apply in the correct business name and provide truthful information requested by the lender. Ask how the lender uses business and personal credit.
What it is: A company demands payment in advance and promises to erase correct late payments, collections, or bankruptcies.
Why it is a problem: Accurate negative information generally cannot be legally removed simply because you pay a company. Promises of guaranteed deletions are a warning sign, and advance-fee rules may apply to credit-repair services.
What to do instead: Dispute genuinely inaccurate or incomplete entries with the relevant bureau and furnisher. Review the service contract and consumer protections before paying for help.
What it is: An advertiser guarantees a loan or business credit card regardless of credit, income, or business history, often for a fee.
Why it is a problem: Legitimate providers assess applications and cannot promise approval before underwriting. The offer may be a lead-generation scheme, costly product, or identity-theft attempt.
What to do instead: Verify the lender independently, review eligibility and total costs, and never share sensitive information through an unverified link.
What it is: A supposed lender asks you to pay an upfront “insurance,” processing, or release fee before sending a promised loan, especially with a guarantee despite poor credit.
Why it is a problem: Scammers may take the fee and disappear. Legitimate fees and their timing vary, but a guaranteed loan requiring payment first is a serious warning sign; laws restrict advance fees in some contexts.
What to do instead: Confirm the lender’s identity and licensing with relevant authorities, and do not pay through gift cards, wire transfers, or cryptocurrency. Read the written terms and verify fees directly with the lender.
What it is: Someone offers to create or alter statements, deposits, tax records, or sales figures to help an application look stronger.
Why it is a problem: Submitting fabricated financial information can be fraud and may expose the applicant and business to denial, repayment demands, or legal consequences.
What to do instead: Submit accurate records, correct bookkeeping errors, and explain your business’s actual cash flow. Ask a qualified accountant or lender what documentation is acceptable.
What it is: A seller charges to add you as an authorized user on an account and guarantees a particular score increase or loan approval.
Why it is a problem: Reporting, scoring effects, and lender treatment are not guaranteed; the account holder may remove you, and some lenders discount authorized-user data. Sharing personal data with a seller can also create privacy risks.
What to do instead: Build your own history with accounts you can manage responsibly. Review issuer terms and avoid paying for guaranteed score or approval claims.
What it is: A caller, message, or website claims a business has been selected for a government grant but demands a fee or personal/banking information to release funds.
Why it is a problem: Government grants are not awarded through surprise messages in exchange for a release fee. Impersonators may steal money or identity information.
What to do instead: Search for programs through official government websites and verify contacts independently. Never pay a fee to claim a supposed grant or share credentials in response to an unsolicited message.