New credit files are often referred to as CPNs, or Credit Profile Numbers. There is a huge amount of misunderstanding with regard to CPNs. Some unethical lenders and outright scammers have used CPNs as a method to defraud vulnerable consumers. In most cases, regular consumers cannot get a new credit file. However, highly visible consumers--such as celebrities and government officials--can get a second credit file. There are many advantages associated with these accounts.
Clean Slate
A new credit file is obviously a fresh start. This can be both positive and negative, though. While negative history is no longer reporting, lenders are still wary about lending to customers with no credit history. However, a fresh start on a new file gives consumers a chance to re-establish credit and borrowing behavior--and thus begin securing lower interest rates and fee loans. All future scores will be based solely on the payment history of the new file.
Anonymity
As mentioned, CPNs are often offered to very visible public service consumers (government officials) and celebrities. These new CPNs give these consumers a semblance of privacy in their financial dealings. Reporters and sometimes even the general public can gain access to credit files. However, if the CPN is anonymous (only accessed with a unique number, like a Social Security number), the person owning the new file can hide from public scrutiny.
Saving Money
While it is very difficult, average consumers can get a CPN, too. This presents a money-saving advantage to those who are struggling with poor credit under their Social Security number. (It's important to remember that a new file does not erase old debt. All debts obtained under a Social Security number must be repaid as agreed.) The new CPN can relieve a borrower from struggling with high-interest debts. This is especially beneficial when it comes to large loans--like mortgages and car loans.
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