Using an ITIN Number To Build Credit

What is an ITIN?

An ITIN is assigned by the Internal Revenue Service (IRS) to individuals who are not eligible for a Social Security Number (SSN) but have earned taxable income. You can apply for an ITIN when filing taxes or when opening a savings account in the United States. You can also get fast ITIN services in Philadelphia at TaxPA

ITINs nine-digit number, together with the SSN, which begins with the number 9 and is produced to be used as identification for tax purposes. In addition to tax payments, an ITIN can also be used to access financial services. Some banks may take the ITIN as part of your identification when you apply for a bank loan or a credit card.

However, there are limitations to the use of an ITIN from a legal standpoint. The ITIN can not replace a Social Security Number (SSN), especially when it comes to the right to work. Placement on the ITIN on the working document is a fraud.

Use the ITIN to Build Credit

Many financial institutions will receive an ITIN as a form of identification to apply for loans and credit cards. By using your ITIN number to apply for a loan or credit card you can begin to build a credit history in the UK States. 

To ensure that you get the records are properly reported to the credit reporting agency, it is important to understand how the agency operates. The three largest credit bureaus, TransUnion, Experian, and Equifax, compile an individual's credit history to obtain information from their creditors like credit card companies and financial institutions.