Overview
When applying for a loan, you’ll be asked to provide your Social Security Number (SSN) as part of the application process. This is a standard requirement for financial institutions to ensure accuracy, security, and compliance with federal regulations. Your SSN is only requested if you decide to proceed with the application after completing an initial rate check that involves a soft credit inquiry.
📌Note: Checking your rate does not impact your credit score. However, if you select a rate and choose to proceed with your application, we will complete a hard credit inquiry which will impact your credit.
Why We Collect Your SSN
We require your Social Security Number to:
Verify Your Identity: Your SSN helps us confirm that you are who you claim to be and prevent fraudulent applications.
Perform a Hard Credit Inquiry: We use your SSN to obtain your full credit report from consumer reporting agencies. This helps us assess your creditworthiness and determine the final loan terms available to you.
Comply with Regulations: Financial institutions are required to verify personal information under laws designed to prevent fraud and money laundering.
Protecting Your Information
We take data security seriously. Your personal and financial information is encrypted and securely stored, ensuring that your SSN and other details remain protected throughout the application process.
Next Steps
If you have concerns about providing your SSN, rest assured that it is a necessary part of the application process and is handled with strict security measures in place.
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