Does credit repair ask for social security number?

Credit repair companies can request your Social Security number. What is not necessary is an employer identification number.

Does credit repair ask for social security number?

Credit repair companies can request your Social Security number. What is not necessary is an employer identification number. If the company requires you to request a new employer identification number, this is a good indication that they may be scamming you. A credit repair scam usually starts with a company offering to “correct your credit score,” usually through online advertisements or in the mail.

Often, these companies will ask you for a fee in advance, and once you've paid it, you'll never hear from them again. If you give them your Social Security number, they can sell it to other companies illegally. Some scams offer a “new credit identity”, claiming that they can help you start fresh with a new SSN. If you use an SSN other than your own when you apply for a loan or line of credit, you could end up facing high penalties.

Since your Social Security number is so closely linked to your credit history, you may wonder if changing the number would affect your credit score. Some people hire a company to do research on their behalf, but anything that a credit repair clinic can legally do, you can do it yourself at low cost or at no cost. And, as long as you inform lenders that your number has changed, credit reporting agencies will be able to connect your credit history. Credit repair companies' advertisements appear everywhere in telephone surveys, in newspapers, on television and radio, in your e-mail and on the Internet.

Your credit score and credit report are used to determine if you qualify for a mortgage and the interest rate you will receive. Bruce McClary, vice president of communications for the National Foundation for Credit Counseling, points out that if information is missing or incorrect, it could affect your credit score. Find more resources on establishing credit to build your history and be ready to receive credit when you need it.

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