To make your credit report started, it is needed to identify it with you. It’s dollars to donuts, there are many persons who are full homonyms (with the same names and surnames). In the U.S., to avoid mess and misconceptions, there is a system of complete identification of persons on individual numbers (Social Security Number). Without this number your credit report has no place to be kept and it cannot even be started. Thereby, for a start it is necessary to receive a Social Security Number.
You can obtain a Social Security Number only personally in the Social Security Administration. This institution plays two roles: it is engaged in the assignment and bookkeeping the numbers and the registration and division of grants and pensions.
Your Social Security number will be printed on a special blue card, made with a few degrees of protection.
Having a Social Security number, you are able to fill in the application blank to receive the credit card of any bank. After several weeks, you will get … refusal. What happened during these several weeks and why you obtained refusal?
In the U.S. several companies engaged in collecting and processing all information touching the credit report of people function. All banks, financial and lending companies send monthly reports with information about all its clients at least to one of them.
Naturally, these companies are exchanging the collected information and give it for a charge to all interested. Your bank forwarded an inquiry about your credit report to one of these companies. In reply the bank got information that you had just obtained a Social Security number and that any financial organization did not have credit relationships with you. Having got this information, the bank decided not to skate on thin ice and denied you. This is – a typical situation. Moreover, we urge you not to conduct such experiments. Information about each such denial is stored on your credit report for several months.
At the same time in the U.S. there are banks that specialize in working with individuals with a bad credit report or who do not have it at all. These banks risk communicating with persons fast and loose in terms of credit report. You can use their services to begin your credit report.
Those who managed to get a loan for any purpose certainly have to order credit reports regularly. These reports can show you a real picture of your credit but in many cases the reports are very complicated to understand. Here you can make use of credit report monitoring service – they will make the reports easy to understand.