Quote:
Originally Posted by Bill14564
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.
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Personally, I think banks, medical facilities, and other institutions use SSNs because the Federal Government requires them to. Otherwise, I don't think they would. They would use a more secure system. I haven't borrowed or lent money in more than 40 years, so I really don't know much about loans.