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How might opting out of something like this affect your future ability to get financing for something, approved for a loan, or even allowed to I dunno, rent a c
by MrWiffles 4y ago
How might opting out of something like this affect your future ability to get financing for something, approved for a loan, or even allowed to I dunno, rent a car, open a bank account, start electricity/internet service somewhere, or rent an apartment?
Not trying to scare anybody away from opting out (I'd absolutely love to as well) but having been through something similar in the past and being denied access to basic services to live in the world as the "hidden" punishment for it, I wonder if something similar might emerge here should you do so...
Anyone have any insight on that, one way or the other?
- toomuchtodo 4y agoThey issue you a PIN via mail when they report your file is frozen with which you can use to unfreeze and refreeze the report. I’ve originated two auto loans with a credit union and have had a major US bank originate a mortgage with my report frozen. In all above cases, only the mortgage required docs; paystubs and W2s, no Work Number. Might have an issue if your HR won’t verify employment for renting admittedly. I don’t rent, so I can’t speak to that. Bank accounts and utilities will use your credit file, not your employment data, to underwrite you. @metadat I recommend you call during business hours and speak with a rep. +18662225880
- TedDoesntTalk 4y agoAlso worth mentioning that even just 3 years ago, The Work Number had fewer than 20,000 companies reporting data. Now it’s in the millions. But my point is that somehow loans and mortgages were still granted in 2019 without that data. It’s not needed for a mortgage or loan. You have other ways of proving your income.
- wl 4y agoLast I checked, mortgage lenders were requesting tax return transcripts from the IRS for income verification. The Work Number is NOT needed.