Ask HN: Is there interest in building USA Credit Score from outside the country? I've been having an issue where I want to build my credit score from outside the US but couldn't find a way to do it so I thought I'd have a go at making a credit card that you can use in your home country and is reported to US credit agencies. Just wanted to see if there was interest in this from anyone else first? |
I will put aside the complexities in banking and regulation involved in "having a go at making a credit card."
Whilst it's true that they generally use the SSN as a primary identifier, they don't require it or a US address and instead can use passport numbers and international addresses as identifiers.
Also, ask any of your friends legally in the US who aren't citizens or permanent residents and I guarantee you they will all have an SSN.
You don’t establish a credit report in the US by getting an SSN and telling the credit reporting agencies about it. The private credit reporting agencies collect data reported to them. Those reports come from US banks, credit card companies, and residential leasing companies. Foreign banks and credit issuers do not report activities of foreigners to US credit agencies.
Without an SSN or TIN and a US address none of the reporting will tie together, even if foreign banks and card companies reported it.
Contrary to what you imply, only US citizens, permanent residents, and foreigners holding specific visas (O-1, H1-B, TN, for example) can get an SSN.
https://www.ssa.gov/number-card/request-number-first-time
Foreigners with no US address and visa that gives them the right to reside in and work in the US will struggle to open a US bank account or get a US-issued credit card.
If US banks, credit card companies, and credit reporting companies saw profit and a clear path through government regulation they would already welcome foreigners to open accounts and get into debt. That hasn’t happened, partly because of government regulations and partly because of jurisdictional issues.
Marqeta issues co-branded credit cards. Not really relevant to the original question. Starting up a credit card, which implies a bank as a partner, isn’t something anyone can just do because of a SAAS that will help with co-branded cards.
American Express issues credit cards to foreigners, generally high net worth individuals. UK-based Nova Credit seems to work in the space the original poster asked about.