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Difference Between TIN and SSN
Can you borrow with a TIN versus a SSN? |
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 A social security number is only one form of TIN -- tax identification number -- used by bank depositors and borrowers. Businesses usually have employer identification numbers (EINs) that they use as TINs. EINs are also used by many trusts, estates of deceased individuals, and other legal entities and organizations. Some individuals, notably non-resident aliens, do not have Social Security numbers. Instead, they may have ITINs, individual taxpayer identification numbers, assigned by the IRS.
Lenders are required to obtain a government-issued identifying number from borrowers. For U.S. individuals, citizens and resident aliens, that number has to be a Social Security number. For other borrowers, other numbers may be acceptable. Whether a given lender will accept other than a Social Security number for an individual borrower is a matter of that lender's policy.
Published on BankingQuestions.com 9/04/08
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