Credit repair companies can request your Social Security number, but it is not necessary to provide an employer identification number. If a company requests a new employer identification number, this is a sign that they may be running a credit repair scam. These scams often start with an advertisement or mailer offering to “correct your credit score”, and require a fee in advance. If you give them your Social Security number, they can sell it to other companies illegally.
Some scams even offer a “new credit identity”, claiming that they can help you start fresh with a new SSN. However, using an SSN other than your own when applying for a loan or line of credit can result in high penalties. Changing your Social Security number will not affect your credit score, but it is important to inform lenders that your number has changed so that credit reporting agencies can connect your credit history. Credit repair companies advertise everywhere, from telephone surveys to newspapers and the internet.
Your credit score and report are used to determine if you qualify for a mortgage and the interest rate you will receive. If information is missing or incorrect, it could affect your credit score. It is possible to do research on your own behalf at low cost or no cost, and there are resources available to help you establish credit and build your history. Be aware of potential scams and be prepared to receive credit when you need it.
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