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US Credit Is By SS#, How Does It Work Elsewhere?  
User currently offlineUa777222 From United States of America, joined Dec 2003, 3348 posts, RR: 11
Posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2361 times:

Hello,

I've wondered what other countries use as a form of financial basis to decide what a credit score is outside of the United States. Obviously here in the States you have a Social Security Number that all of your financial matters are tied into, but what does say....France, England, Canada, Etc. use.

Stupid question that has been bumping around in my head.

Thanks,

Matt


"It wasn't raining when Noah built the ark."
16 replies: All unread, jump to last
 
User currently offlineRichardPrice From , joined Dec 1969, posts, RR:
Reply 1, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2356 times:

Here in the UK its nothing more than your address and name.

User currently offlineIFEMaster From , joined Dec 1969, posts, RR:
Reply 2, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2348 times:

Quoting RichardPrice (Reply 1):
Here in the UK its nothing more than your address and name.

Well that's not strictly accurate. Your name and address is used as the identifying factors when accessing your credit report, but financial institutions who are reviewing an application for credit will review credit reports from Experian, Equifax, and there's a 3rd (don't remember who), and use all the information gathered against their own scoring system for credit worthiness. There is also no equivalent in the UK to the US FICAS score.


User currently offlineAirCop From , joined Dec 1969, posts, RR:
Reply 3, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2344 times:

Actually you do not need to give your Social Security number to obtain credit. Quote its voluntary, but then again it is attached to your bank accounts and other financial accounts for tax purposes.

User currently offlineCfalk From , joined Dec 1969, posts, RR:
Reply 4, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2333 times:

Quoting Ua777222 (Thread starter):
I've wondered what other countries use as a form of financial basis to decide what a credit score is outside of the United States. Obviously here in the States you have a Social Security Number that all of your financial matters are tied into, but what does say....France, England, Canada, Etc. use.

In Switzerland, your payment history to other companies is none of anyone else's business. All someone can ask you for (apart from the usual salary statements) is for an attestation from the local civil court, which would ideally state that at this moment, there are no files pending against you.

I think this is a far better system than in the US, where if you lost a job and got late on your payments, even if you got a new job and got all caught up, your credit history causes you sh&t for many years.


User currently offlineRichardPrice From , joined Dec 1969, posts, RR:
Reply 5, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2331 times:

Quoting IFEMaster (Reply 2):
Well that's not strictly accurate. Your name and address is used as the identifying factors when accessing your credit report, but financial institutions who are reviewing an application for credit will review credit reports from Experian, Equifax, and there's a 3rd (don't remember who), and use all the information gathered against their own scoring system for credit worthiness. There is also no equivalent in the UK to the US FICAS score.

And how precisely do you think the credit reference agencies in the UK match your information to you? They dont use any unique identifier like a SSN, its hung together based on your name and your address history.

The thread starters question was 'in the US its SS#, how does it work elsewhere', and the answer for the UK is 'name and address' because those are the identifers that take the place of the SSN.


User currently offlineIFEMaster From , joined Dec 1969, posts, RR:
Reply 6, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2320 times:

Quoting RichardPrice (Reply 5):
how precisely do you think the credit reference agencies in the UK match your information to you?

Quoting myself...

Quoting RichardPrice (Reply 5):
name and address is used as the identifying factors when accessing your credit report

However, common sense tells me that the OP was asking for a bit more information. So 'name and address' isn't entirely accurate because it's only part of the answer.

In the US, the SSN is the identifying factor, but isn't the whole story because as AirCop has already pointed out, you don't need an SSN to qualify for credit. There are plenty of banks and CC companies that will provide their services without an SSN.


User currently offlineA332 From Canada, joined Feb 2005, 1644 posts, RR: 2
Reply 7, posted (7 years 9 months 1 week 2 days 8 hours ago) and read 2319 times:

Same idea in Canada... SIN (Social Insurance Number) is utilized to track credit scores along with other personal info.


Bad spellers of the world... UNTIE!
User currently offlineUa777222 From United States of America, joined Dec 2003, 3348 posts, RR: 11
Reply 8, posted (7 years 9 months 1 week 2 days 7 hours ago) and read 2309 times:

Quoting A332 (Reply 7):
Same idea in Canada... SIN (Social Insurance Number) is utilized to track credit scores along with other personal info.

If you're trying to buy real estate in the States, can you use that SIN to obtain a credit report?

Thanks,

Matthew



"It wasn't raining when Noah built the ark."
User currently offlineA332 From Canada, joined Feb 2005, 1644 posts, RR: 2
Reply 9, posted (7 years 9 months 1 week 2 days 7 hours ago) and read 2307 times:

Quoting Ua777222 (Reply 8):
If you're trying to buy real estate in the States, can you use that SIN to obtain a credit report?

To be honest with you, I am not exactly sure how it works when it comes to cross border transactions. I would assume that US agencies would have a way to connect to Canadian credit data brokers (ie: Equifax, Trans Union) to gain a credit score.



Bad spellers of the world... UNTIE!
User currently offlineJCS17 From United States of America, joined Jun 2001, 8065 posts, RR: 39
Reply 10, posted (7 years 9 months 1 week 2 days 5 hours ago) and read 2275 times:

Quoting Cfalk (Reply 4):

In Switzerland, your payment history to other companies is none of anyone else's business. All someone can ask you for (apart from the usual salary statements) is for an attestation from the local civil court, which would ideally state that at this moment, there are no files pending against you.

I think this is a far better system than in the US, where if you lost a job and got late on your payments, even if you got a new job and got all caught up, your credit history causes you sh&t for many years.

I wouldn't mind that at all. My credit score is as good as it can be since I only have a couple credit cards and have never missed a payment or carried a balance. I just dislike our system because I hate dishing my social security number out to third-party institutions, where credit cards are often issued by.



America's chickens are coming home to rooooost!
User currently offlineMelpax From Australia, joined Apr 2005, 1610 posts, RR: 1
Reply 11, posted (7 years 9 months 1 week 1 day 21 hours ago) and read 2229 times:

Down here, it's Name, address & date of birth, with a Driver's licence usually being a primary form of ID, licence number is usally quoted on credit applications.


Essendon - Whatever it takes......
User currently offlineUa777222 From United States of America, joined Dec 2003, 3348 posts, RR: 11
Reply 12, posted (7 years 9 months 1 week 1 day 20 hours ago) and read 2225 times:

My big question is how does someone trying to pull the credit on someone from out of the states acquire that kind of information and is it scaled the same?

Sorry if it's vague.

Matt



"It wasn't raining when Noah built the ark."
User currently offlineCfalk From , joined Dec 1969, posts, RR:
Reply 13, posted (7 years 9 months 1 week 1 day 15 hours ago) and read 2207 times:

Quoting Ua777222 (Reply 12):
My big question is how does someone trying to pull the credit on someone from out of the states acquire that kind of information and is it scaled the same?

I think the answer from most places is no. Only in America (Land of the free and all that) can a stranger legally get a detailed record of your past history with other companies. I find that sickeningly ironic.


User currently offlineBigOrange From United States of America, joined Apr 2004, 2365 posts, RR: 3
Reply 14, posted (7 years 9 months 1 week 1 day 7 hours ago) and read 2181 times:

Quoting Ua777222 (Reply 12):
My big question is how does someone trying to pull the credit on someone from out of the states acquire that kind of information and is it scaled the same?

Sorry if it's vague.

Matt

You can't, even if you get copies of a credit report from another country and send it to the agencies in this country it counts for nothing.

When I moved here 3 years ago, I couldn't even get a cell phone in my name, despite having excellent credit in the UK


User currently offlineRobertNL070 From Netherlands, joined Sep 2003, 4532 posts, RR: 9
Reply 15, posted (7 years 9 months 1 week 1 day 7 hours ago) and read 2178 times:

Here in NL we have the BKN (Credit Registration Bureau). Every sort of loan - store cards, credit cards, personal loans, but not mortgages - are registered here. All loans and debts, once paid off, are deleted from the register after five years.

Robert  bouncy 



Youth is a gift of nature. Age is a work of art.
User currently offlineUa777222 From United States of America, joined Dec 2003, 3348 posts, RR: 11
Reply 16, posted (7 years 9 months 1 week ago) and read 2123 times:

Ok, well if someone here in the states is financially able to provide something but cannot provide decent credit (as in applying for a home lease) what would be the best way to go about that? I mean the person in question is more than financially able but carries no American credit...

Thanks,

Matthew



"It wasn't raining when Noah built the ark."
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