Do you ever wonder if it is possible to check your credit score using an ITIN number?
It’s that common thinking coming from so many of us, that one needs a Social Security Number to unlock the availability of your credit score, which is just a misconception! If you do not possess an SSN, then it is fine as you can check your credit score using your Individual Taxpayer Identification Number.
In this post, we will guide you through the process of checking your credit score with an ITIN and how to answer some of the frequently asked questions and why checking your credit score is crucial. So, without much ado, let’s get started.
What is ITIN Number?
Let’s start first with what ITIN is before delving into how to check credit score with ITIN. An ITIN is an identification number released by the IRS to people who would otherwise require an SSN but do not qualify to obtain one.
Perhaps you are among these people, maybe as a non-resident, a U.S. resident alien, or a foreign national that files tax returns in this country.
The ITIN is just for tax purposes and does not give you work authorization or eligibility to become eligible for Social Security benefits, but it can be pretty handy for lots of other things, such as gaining access to your credit reports and credit score.
Why Care About Your Credit Score?
A credit score, in simple terms, is a three-digit number that indicates how well a person is doing in managing their credit. Lenders, landlords, and even some employers often use this score as a basis to determine your creditworthiness or financial responsibility.
The higher your credit score, the better opportunities you’ll have in getting approved for loans, credit cards, and even rental applications with finer terms and better interest rates. This is the reason why monitoring your credit score is very important:
- Know where you stand: It will show you if you are in a good financial standing or if you will have to work on rebuilding your credit.
- Spot errors: Sometimes, mistakes do creep their way into credit reports. Checking the credit score regularly helps to identify mistakes early.
- Identity theft protection: If fraudsters are using your identity to open new accounts, detection of such a credit score alerts you to this act of fraud.
Even if you only possess an ITIN, it’s a must to monitor the credit score and ensure everything is in order.
Can One Establish Credit with an ITIN Number?
Yes! You can build credit using your ITIN. Although an ITIN is not a Social Security Number, many financial institutions will enable an individual with an ITIN to open his or her credit accounts, including credit cards, loans, or bank accounts.
Once you start using credit responsibly—showing the creditors that you are responsible and can pay back what you borrow—with consistent on-time payments and relative low balances, you can establish a good credit history, which will raise your credit score over time.
How to Access Your Credit Score with an ITIN Number
Accessing your credit score with an ITIN number can be quite complex, but it is not at all. It is quite easy. Here is a step-by-step approach that will really help you check through the process.
Get Your Credit Report
The first step to reviewing your credit score is by procuring your credit report. The three major credit bureaus operating within the U.S. are Equifax, Experian, and TransUnion. These registries monitor credit-related information, and they are supposed to give free credit reports if a request from you is made once annually. How to get your credit report:
- Visit com, which is the official website in place for free credit reports.
- You can also get your credit report via telephone, at 1-877-322-8228, or by mail. You can enter your ITIN when the request form asks you to input your SSN while filling up your request form. The credit bureaus take into account if an individual does not have an SSN; thus, they accept using an ITIN number instead.
Verify Your Identity
To obtain your credit report, you’ll need to prove your identity. Sometimes, this involves answering a few security questions that have been set up based on information in your financial life. These may include questions about previous addresses where you may have lived, previous loan or credit card amounts, or any other information you may have supplied when applying for loans or credit cards.
Sometimes, you might fail the online verification; you can still get a copy of your credit report by mail if you provide copies of identification documents.
How to Read Your Credit Report
Obtain a copy of your credit report. Take the time to carefully review it. Your credit report details everything, including accounts, payment history, collections, or public records about you. Look for errors such as unknown accounts, balances that were done incorrectly, etc. If you see some errors on your credit report, you can ask the credit bureau to correct them.
Get Your Credit Score
Although your credit report includes all the information about your credit history, a credit score is a different deal. Some bureaus provide you with a copy of your credit score when printing your report, and others do not. If you do not have a credit score, here is how to get one:
- Credit Card Issuers: Some credit card issuers report on credit scores offered for free for their card account holders. Even though you have an ITIN, once you open an account, you may receive access to your score through their dashboard.
- Services by Credit Monitoring Companies: You can sign up for a service using credit monitoring companies that report credit scores. Take caution because some of the services do charge.
- Credit Bureaus: You can also buy your credit score directly from the credit bureaus—Equifax, Experian, or TransUnion.
Often Check Your Credit
After assessing your credit score, it should be followed for a long period of time. Checking one’s credit score, therefore, enables one to note progress and identify issues in good time. Some services like Credit Karma or Mint will enable tracking credit report for free even if using an ITIN.
Final Words
In a nutshell, you can check your credit score using an ITIN, though it should be pretty important to do so as if you had an SSN. There are several easy steps in accessing your report, checking your credit history, and seeing your score.
Your credit score is a vital part of your financial health. Check it from time to time, correct the errors, and strive to better it step by step.
Be it a request for a loan, an attempt to find an apartment, or simply being advisable about one’s finances, it helps one make prudent choices, knowing where one stands.
Questions on how to check your credit score with an ITIN? Let’s hear in the comments!
For more detailed information on Individual Taxpayer Identification Numbers (ITINs), including how to apply and legal considerations, visit the IRS official page on ITINs.
For further assistance with ITIN applications, check out our ITIN page.