Most people do not know about this program. That’s because it is a black market program. Although the phrase clean slate sounds good the results of this program can be very frightening. This program was designed to create a brand new credit profile for people.

Here is how it works. You get an Employer Identification Number (EIN to set up a new credit profile for yourself. Getting an EIN to open a legitimate business is okay. It is not okay to get an EIN with the intent of creating a brand new credit profile.

The people that do this usually have horrible credit and they don’t want to take the time to repair their credit or they are trying to obtain a lot of credit quickly in order to get involved with some type of legal or illegal enterprise. Since getting an EIN for this purpose is against state and federal laws, if a person is caught they could end up paying fines or doing jail time.

Although it is usually disguised under the heading of business credit, there are also legal ways to create business credit. It someone approaches you that you can create a business on paper that already has existing records, this is illegal. The cost for this type of service can be a few thousand dollars.

If you are in the market to get business credit I would do the following.

1. Have the company give you in writing what their policies
and procedures are.

2. Obtain what their cost are and why.

3. Check the local BBB and Attorney General’s office for
complaints and if what they are
doing is legal. Don’t forget that the BBB does not carry
weight when it comes to prosecuting someone. Your
Attorney General’s Office can prosecute wrong doing. The
Attorney General’s office will help you to determine if
the company you are considering doing business with is
on the up and up.

4. Get references of past clients from them. If they
refuse, do not use their services.
Hopefully you have not been a victim of the Clean Slate
Program. Your thoughts are welcome.