SSN Policy Manual

Financial Issues

Establishing credit without a social security number is much like opening a bank account without a social security number. Understand that the issue is initially not your lack of a social security number, but rather the lack of established trustworthiness. There are many companies who want to lend you money, but only if they believe that they will get their money, plus interest returned in the manner agreed to. If you can prove that they will get their money back, or provide some valuable collateral, then you will find somebody who will provide you the credit you need. The key to obtaining credit is having a good credit history file with the major credit reporting companies. The credit reporting companies do not care whether or not you have a social security number, they simply record the information that you provide them along with the information that lenders give them . . . that is all they do. You can establish a credit history file without a social security number and having a good credit history file is key to obtaining future credit and to banking. The easiest places where you can establish new credit is with used car dealers and (overpriced) lay-away jewelry stores. However, if you live in a smaller community, or have an established business in your community, you can normally work with another local business to help you establish the credit report you need. Remember that your initial concern should not be with gaining credit for credit's sake, but getting credit for the purpose of establishing a credit history file that does not contain a social security number. See "Credit Reporting Agencies" on page 92 for more information about credit reports.