DGGC92 has come out with another interesting piece of homebrew, though you're bound to be reprimanded by your parents if they find out it exists. It's called the Alobe Parental Password Cracker, and it essentially reads the parental password from the flash for you to use to unlock the parentally-restricted functions of your PSP.
According to DGGC92, the application also saves the password onto a text file in the root of the memory stick, so you can retrieve it for future use. Furthermore, it seems to be simple enough to install: just stick it into the Game150 folder, and you can apparently use it. The author didn't note which FWs it works on though, so you'll probably have to try it with your PSP to see if it works.
In any case, this is one of those apps that makes us kind of scared. We certainly wouldn't want to get in trouble with anyone's parents. That being said, make sure you do your homework and get good grades in school. That way, you can make your parents trust you enough to remove the password protection on the family's PSP, rather than by going through this means.
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