A credit score is an essential part of American financial life. A healthy credit score can help you secure an apartment, land a job, and get the best interest rates when you borrow money to buy a home, an automobile or start a business.
Regularly checking your credit score and credit report is important. They provide critical financial information and can alert you to possible financial fraud. We’ll show you how to get a free credit score with an ITIN number, how to check your credit score without a Social Security number, how to check your credit report with an ITIN number, and how you can build credit with an ITIN number.
Checking your credit with an ITIN number
Contrary to popular belief, you do not need a Social Security number to check your credit or open a bank account. You can use an ITIN for a credit card too. Social Security numbers are merely a way to identify a person, but they are not the only way.
An ITIN (Individual Taxpayer Identification Number) is issued to residents with foreign status or undocumented immigrants, while a Social Security number is issued to U.S. citizens and authorized non-citizens. That’s the only significant difference between the numbers, so in many cases, an ITIN can be used in place of a Social Security number.
How to check your credit report with an ITIN
Unfortunately, a Social Security number is the only way to get free copies of your credit report from the three major credit bureaus using annualcreditreport.com. Instead, you can submit your request individually to each bureau.
Experian requires the request to be mailed and to include:
Your ITIN
Copy of a photo ID
Copy of a bank statement
Copy of a utility bill in your name
You can find mailing information for Experian here. Experian includes a credit score with your credit report.
TransUnion requires you to contact customer service; you can find the information here.
Equifax also requires that you submit your request in writing and include at least two pieces of information, one to prove identity and one to verify address. These can include:
Driver’s license
ITIN
Paystub
W2
1099
Passport
Utility bill
Cell phone bill
Lease agreement
Bank statement
You can find the information here.
How to check credit score with an ITIN number
Checking your credit fully means checking both your credit score and your credit report. Just checking one or the other won’t give you the complete picture. Your credit score is based on the information in your credit report.
Of the three main credit bureaus, only Experian includes your credit score with your credit report. You can pay the others for your credit score but there are plenty of places you can get it for free. Some credit cards including Petal provide free credit scores and some bank accounts provide them too.
Build credit with an ITIN number
Building credit with an ITIN number works exactly the same as building credit with a Social Security number. Both can be used to open credit accounts and to report activity to the credit bureaus as part of identifying a consumer.
Why Checking Your Credit is Important
Having a healthy credit score can save you thousands of dollars in interest over the years, as the better your score, the lower the interest rates you’ll be offered when you borrow money. Your credit score is based on the information on your credit report.
Checking your score can help you decide if the time is right to borrow money. If your score is not high enough to get you the best interest rate (generally 760 or above), you might want to wait and work on increasing your score. And checking your credit report can alert you to mistakes that could be hurting your score or to fraudulent accounts opened using your information.
At Upwardli, we can help you find the tools to build your credit and financial life in the U.S.
Why is my credit report important?
Businesses look at your credit report when you apply for:
- loans from a bank
- credit cards
- jobs
- insurance
If you apply for one of these, the business wants to know if you pay your bills. The business also wants to know if you owe money to someone else. The business uses the information in your credit report to decide whether to give you a loan, a credit card, a job, or insurance.
What does “good credit” mean?
Some people have good credit. Some people have bad credit. Some people do not have a credit history. Businesses see this in your credit report. Different things happen based on your credit history:
That means:
- I have more loan choices.
- It is easier to get credit cards.
- I pay lower interest rates.
- I pay less for loans and credit cards.
That means:
- I have fewer loan choices.
- It is harder to get credit cards.
- I pay higher interest rates.
- I pay more for loans and credit cards.
That means:
- I have no bank loan choices.
- It is very hard to get credit cards.
- I pay high interest rates.
- Loans and credit cards are hard to get and cost a lot.
All this information is in your credit report.
Why should I get my credit report?
An important reason to get your credit report is to find problems or mistakes and fix them:
- You might find somebody’s information in your report by mistake.
- You might find information about you from a long time ago.
- You might find accounts that are not yours. That might mean someone stole your identity.
You want to know what is in your report. The information in your report will help decide whether you get a loan, a credit card, a job or insurance.
If the information is wrong, you can try to fix it. If the information is right – but not so good – you can try to improve your credit history.
Where do I get my free credit report?
You can get your free credit report from Annual Credit Report. That is the only free place to get your report. You can get it online: AnnualCreditReport.com, or by phone: 1-877-322-8228.
You get one free report from each credit reporting company every year. That means you get three reports each year.
What should I do when I get my credit report?
Your credit report has a lot of information. Check to see if the information is correct. Is it your name and address? Do you recognize the accounts listed?
If there is wrong information in your report, try to fix it. You can write to the credit reporting company. Ask them to change the information that is wrong. You might need to send proof that the information is wrong – for example, a copy of a bill that shows the correct information. The credit reporting company must check it out and write back to you.
How do I improve my credit?
Look at your free credit report. The report will tell you how to improve your credit history. Only you can improve your credit. No one else can fix information in your credit report that is not good, but is correct.
It takes time to improve your credit history. Here are some ways to help rebuild your credit.
- Pay your bills by the date they are due. This is the most important thing you can do.
- Lower the amount you owe, especially on your credit cards. Owing a lot of money hurts your credit history.
- Do not get new credit cards if you do not need them. A lot of new credit hurts your credit history.
- Do not close older credit cards. Having credit for a longer time helps your rating.
After six to nine months of this, check your credit report again. You can use one of your free reports from Annual Credit Report.
How does a credit score work?
Your credit score is a number related to your credit history. If your credit score is high, your credit is good. If your credit score is low, your credit is bad.
There are different credit scores. Each credit reporting company creates a credit score. Other companies create scores, too. The range is different, but it usually goes from about 300 (low) to 850 (high).
It costs money to look at your credit score. Sometimes a company might say the score is free. But usually there is a cost.
What goes into a credit score?
Each company has its own way to calculate your credit score. They look at:
- how many loans and credit cards you have
- how much money you owe
- how long you have had credit
- how much new credit you have
They look at the information in your credit report and give it a number. That is your credit score.
It is very important to know what is in your credit report. If your report is good, your score will be good. You can decide if it is worth paying money to see what number someone gives your credit history.
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