Negative remarks on your credit report can stick around on your credit report for a significant period of time. This had lead some people to attempt changing their Social Security Number as a potential work around for bad credit.
Believing you can start with a new bill of clean credit by changing your Social Security Number may appear to be an attractive option. However, this practice may lead to unintended consequences. A lender may deny an application for credit, or ask to run a check on the true social security number, as they are both linked to each other whether you were issued a new SSN legally or not.
If you’re interested in genuinely changing your Social Security Number and you believe you qualify for a new number, you’ll need to apply in person at a local Social Security Office. An applicant will generally be required to provide records of anything that indicates trouble you had in the past associated with your Social Security Number. Perhaps an identity thief filed a false text return in your name to steal your tax refunds.
The Social Security Administration will need to prove your United States citizenship. The Administration will seek identification, such as a valid driver license or United States passport, birth certificate or other official documents.
An important thing to note is that while your credit history, and subsequently your current credit report is also tied to your Social Security Number, when you are assigned a new number it could have the unintentional, or as we discussed, intentional effect of making it appear you don’t have a credit history at all.
The Social Security Administration claims that they link your old number to your new one, but unintended consequences may result. If one applies for a credit card using your new number, a confused lender may determine the applicant has no credit history.
If one is approved for a new Social Security Number, a future lender may be wary of an applicant with two Social Security Numbers on file.
If one is a victim of identity theft, it may be appropriate for the victim to seek a new social security number. However, changing one’s social security number is generally not a good solution for one seeking to simply improve or repair credit.
Picture Credit: zimmytws