Quote:
Originally Posted by retiredguy123
Correct. So, if a lender relies on a SSN to approve a loan, the lender is being stupid and irresponsible, not the person whose SSN was compromised. I would be happy to get a new SSN, but it is not possible. Why would a competent financial company ever rely on a SSN for identification or for any legal or financial transaction?
|
You would prefer to be able to walk up and say, "Hi, my name is John Smith and I would like a loan please?"
A bank is also not likely to give me a loan if I only provide them with a SSN.
However, they might be more willing to if I give them a name and birth date, show them a Govt issued ID with the same name and birth date plus a picture that matches my face, and give them a SSN that they look up and can match to both the name and the birth date.
An SSN is not a golden ticket to a loan, an SSN is a key field in a database to store and retrieve financial history used to qualify for a loan.