You’re in a bind. Your credit score is tanking, and you don’t know why. You decide to do a little research and discover that there are companies whose sole purpose is to help people like you improve their credit scores. But then you see they require your Social Security Number (SSN) to enroll. Is this a scam? Do these companies need your SSN? Let’s take a look.
There are two things credit repair companies can do for you: challenge negative items on your credit report and help you build positive credit history. The credit repair company will need to pull your credit report to challenge negative articles. And to help you make a positive credit history, the company may need to access your credit file in order to set up payment arrangements with creditors.
So, while the company doesn’t technically need your SSN to start working on your behalf, it does require some way of accessing your credit file. And the best way for the company to do that is with your permission through a Rapid Rescore process.
While it may seem daunting to give a credit repair company sensitive information like your Social Security number, it is essential to remember that these companies are professionals and will use this information to help improve your credit score. If you have any concerns about providing this information, you can always ask the company for more details about how it uses and protects consumer data.