What is an ITIN?
An ITIN is determined by the Internal Revenue Service (IRS) to persons not entitled to an assigned Social Security Number (SSN), but have a taxable income from employment. You can request an ITIN when filing taxes, or when opening a savings account in the United States. ITIN nine digits, such as Social Security numbers that begin with the number 9 and generates further use of identification for tax purposes.
In addition to the payment of taxes, an ITIN can be usedAccess to financial services. Some banks may clear the route as part of your identification when you apply for a bank loan or credit card. However, there are restrictions on the use of an ITIN from a legal point of view. The route can not replace a Social Security Number (SSN), especially when it comes to labor rights. The placing on the ITIN on the working documents constitutes fraud.
With an ITIN for building credit
Many financial institutions accept an ITIN as a form ofLabeling apply for loans and credit cards. Through the use of the ITIN number for loans or credit cards you can begin to provide a credit history in the United States.To that records are correctly reported by credit reporting agencies is established, it is important to understand how the work of the agencies. The three largest credit bureaus, TransUnion, Experian and Equifax to compile information on a person to claim by creditors such as credit card companiesand financial institutions.
They use personal information to compile as a SSN, date of birth, address and full name of a credit report for each individual. The SSN is a unique number, and helps agencies identify and verify your identity when you receive information from your personal credit report
Creditors.
If the credit bureau received information about an individual with a number Itin, it is possible that they use a combination of name and address to verify theirIdentity. So if you build a credit history with a number Itin, make sure you always have the same spelling and your full name every time you apply to the use of credit. For example, if Carlos Diaz is a credit card with Chase and then opens a credit card with Citibank, as Ramon Carlos Dias, can be confusing. Rating agencies could create two different
Credit reports - one for Carlos Diaz and slides Carlos Ramon. Moreover, every time you change your address, it is betterupdated with each creditor, in order to ensure that the information reported by your creditors correctly.
Tip: tax season is a good time to apply for your Itin. Many free tax preparation sites for people on low incomes to help advertise for free.
Sources
www.irs. gov
www.nedap.org
No comments:
Post a Comment