The identity of every citizen in any country is primarily attached with the responsibility they entail to their country. The taxes that individuals pay to the local and national government becomes an identity for the individual in terms of their role as a citizen for the land.
The taxpayer identification number (TIN) of a person is in literal sense the identity of the person as an adult in the country. Having a TIN number for themselves is a step that anyone takes toward social responsibility. This form of identification forms as a base of any and all kind of national identification for everyone. The much heard about social security number is attached to a person’s TIN number. This form of identification enables any person to take steps in their matured life, like have a credit score, apply for mortgages, plan for a retired life, and enable luxuries in one’s life that TIN brings.
Having explained how important it is to have a TIN, it is time to show some focus on how to acquire TIN for oneself.
The way in which a person can apply for TIN depends on if the individual is a business person having his or her own venture or if the person is employed by a firm and receives regular income over a phase of time. The form that needs to be filled differs depending on the kind of employment one associates themselves with.
One of the most important thing one needs to apply for a TIN is an “employer identification number” or a “federal tax ID number” if you have a business of your own.
To understand the application process for TIN, it’s best to comprehend why the identification number is so important. As per government and federal rules, it is a mandate for an earning citizen of the country to pay a certain percentile of their earning towards a huge stash of funds which are in turn used for overall good of the community and the amenities needed by them.
Form SS-5 or application for a social security card is one way of applying for a TIN. Documented and approved proof of identity, age, and citizenship is to be submitted with the form for the procedure of application to begin.
Application for employer identification number is another way. This number is needed when one opens a new business and has intentions of employing a certain number of man power for the firm they represent.
For non-resident citizens, an individual taxpayer identification number is what is needed for tax related identification.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.