Will Experian Ask for SSN?
It is critical to keep your social security number safe because it is one of your most significant identities. This unusual nine-digit number is associated with your finances, tax status, employment history, and other aspects of life. Therefore the logical question that comes to the mind of every individual would be whether Experian requests for one’s SSN when they subscribe to their services. Do not move to the next part just yet, read more below.
What is Experian?
Experian is one of the three credit reporting agencies that provide consumer credit information in the United States, Equifax and TransUnion being the other two. They compile information on credit activity and the credit history of consumers. This information is compiled into credit reports that are sold to lenders to aid them in their decisions regarding giving out loans and credit cards.
Well, Experian has all sorts of detailed information about millions of people’s credit records. This is why you may be reluctant to provide such details as your SSN or any credit card information.
Why Credit Reporting Agencies Ask for SSN
Credit bureaus like Experian request your social security number when you register with them to monitor your credit or any other service for two fundamental reasons
- Impeccable SSN – The more correct matching of data given by the user to the credit file can be made possible by the SSN. This will make sure that any alerts you get about your credit status are about you and not someone with a name similar to yours.
- It also assists in Experian verifying your identity – Use the following details to help protect your identity: This offers an added layer of safeguard to those fraudsters who seek to peek at one’s sensitive credit information.
Although some consumers feel nervous every time they have to share their social security number, it is a common practice among the credit bureaus. As for the credit agencies, the three main ones require SSNs from new members. Without it, they are unable to effectively furnish you with your credit details or notify you of suspicious activities.
Does Experian Need SSN for All Its Services?
For the most part, the answer is yes Experian is one of those credit reporting agencies that may ask you to provide your social security number when you are registering for the credit reporting services. However, there are one or two amendments that can be made
- Free Credit Score or Report – You can get a one-time free credit report at Experian that reveals your score together with some information devoid of your SSN. This one is accessible only once within one year from AnnualCreditReportcom in compliance with federal legislation.
- Minor Identity Control – When signing up for child identity control, Experian offers one to register the child with a name, DOB, and address instead of SSN. This still allows for the alerts to be able to identify that there is some fraudulent activity going on.
Besides these scenarios, obtaining an SSN is crucial in cases where one establishes monitoring by using Experian. This applies to their credit monitoring packages, identity protection, and any other additional services they provide.
This is what Experian does with Your Social Security Number
The idea of allowing any company full control over your social can make you hesitant about what they will do with it. However, important credit reporting agencies such as Experian adhere to strict measures that assure the security of your sensitive information such as your SSN.
- Data Encryption and Security – Lastly, Experian ensures that all sensitive information such as SSNs are encrypted when being transmitted and when stored on their databases. This makes it impossible for hackers to access the information or corrupt it in any way they wish. They also must adhere to strict rules governing the protection of data and information.
- Limited Internal Use – It is noted that only a few restricted persons in the fraud department of Experian need the full SSNs for their business purposes in their internal systems. The majority of workers get to view only the last four digits of an SSN.
- Does Not Share or Sell Your SSN – While Experian does provide lenders, insurers, and other services with your selected credit report information, Experian does not sell or share your full social security with any other company. It remains confidential.
Therefore, those who are concerned with the way their social security number is handled can be relieved that Experian accepts it responsibly and also has measures to secure its private information. It is the proper utilization of your SSN in a manner that will enable them to accurately associate you with your credit file and credit reports.
What If You Prefer Not to Provide SSN to Experian?
If you are not comfortable with the idea of providing your SSN to Experian, you have two choices
- Credit Freeze - This is another type of fraud protection that you can apply with Experian and the other two credit bureaus. This denies anyone access to your reports or extension of new credit in your name, and they cannot remove the freeze without your permission. This ensures that your reports remain personal to you and do not appear on Experian without disclosure of your SSN.
- Cancel Memberships – Therefore, one can either cancel any of the Experian memberships that one may be having, which needs him/her to provide an SSN or avoid subscribing to any of the other services offered by Experian in the future. Just bear in mind this is how you will stop getting such important identity and credit monitoring features.
Just remember that only you have unique access to your credit reports and scores and with that, you will need to provide information like your social security number. Without it, Experian can not match you to your credit data successfully.
Some other methods of obtaining credit scores can also be obtained from financial magazines and news websites, which include the following:
If you prefer not to hand over your social security digit to access your credit records with Experian, there are a couple of other ways to check your latest credit scores:
- Credit Karma – A site offering free VantageScores based on the TransUnion and Equifax credit reports, and without the entry of SSN. So, VantageScores are similar but do not offer exact reports of your overall creditworthiness.
- FICO Score Purchase – If you want to obtain FICO scores from your Equifax reports you can do so by registering on myfico for a small fee, this does not require an SSN. The newest version of the FICO model score is the one that 90 percent of credit lenders prefer to use.
Well, you can still check movements in your credit scores via Credit Karma or MyFICO if you’re unable or unwilling to submit your social to Experian. Just understand these scores may not be the same as those in your original full Experian credit files.
A Review of the Strengths and Weaknesses
Sharing something as vital as your social security number always merits careful evaluation of the pros and cons:
Pros:
Experian Credit Data - Use of SSN in matching – Accurate credit match/ alert
Better Identity Security – Additional safeguard measures against identity thieves to access one’s reports.
Full Feature Access – Be sure to include your SSN for maximum credit monitoring protection.
Cons:
Data Security Issues – Concerns of online transfer of SSN and its storage at the internal network
Privacy Preferences – This only states a general individual’s refusal to let his SSN be public.
As you can immediately notice, giving your social security number to Experian grants the company the capacity to precisely monitor credit in your stead and deliver accurate alerts. It offers strong protection of the identity most consumers consider useful. You may still be apprehensive about sharing this sensitive data with anyone.
Before choosing the data you wish to share, give proper attention to the decisions you make, along with Experian’s measures regarding the security and privacy of the information you provide. This could assist in informing the decision that is best for your preferences as well as the disclosure of your SSN.
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