Investing - Theory, News & General • What service(s) does E*TRADE use to validate social security numbers?

Thanks, that makes sense. Appreciate your help!!! <3 <3 <3

I've been denied for things in the past for no apparent reason, and I worry it's because of whatever garbage data Equifax may have. I'm sure there are more financial institution applications in my future, and I don't want to be denied just because they don't have the same resolution process as E*TRADE. I also don't love that you are supposed to be able to see what the credit bureaus have on you, except actually you're not allowed to see everything. Probably a lost cause, I get it.

It was kind of a weird maze with E*TRADE. The first rep said they didn't know what the issue was, the second rep said I had derogatory info on my ChexSystems, I pulled my ChexSystems, there's nothing bad, then the third rep said it wasn't my ChexSystems. I submitted a "neutral complaint" a month ago today asking them to look into it, I'll follow up soon. I hate to be "that guy" but I want answers. I'll report back if I learn anything useful (unlikely).

(I've become somewhat of a wheeler-dealer getting a few new bank accounts per year, but the unexplained denials I'm talking about were back when I was a normal quiet citizen with one bank account, one broker and one credit card.)

Just to be clear for anyone else reading this, I've checked my Equifax report itself and everything is fine, normal, and matches my E*TRADE info. Here is the basis for my current paranoid hypothesis, from redditor goldensunfelix:

Just because your SSN shows fine as a retail person when you check in with Equifax doesn’t mean the response codes in DTEC are “clean”.

The way DTEC usually works is the First Name FN, Last Name LN, DOB, address, phone number, etc all get run. Then DTEC gives response codes like 4F first name not verified. Or something like that. So depending on the code responses the information could match but it was updated within a certain time frame recently and they should review further. If the Social was issued within the past 6 years for international students on visa or it’s a work Social, occasionally golden socials exist where SSA assigned the number twice and until you catch it SSA won’t do anything.

DTEC is a wonky system because the database it pulls from historically was raw text database. Meaning at the core it was one GIANT notepad with some spaces between your info and my info and we hope they didn’t delete a few lines and mix our data. Usually it’s pretty good but sometimes it doesn’t read right and they need documents or they used to be able to use TransUnion. Don’t know if the MS org killed that tool. Eventually just hard copy documents at the end of the day and manually running it was also an option but sounds like MS is hamstringing their ability to do anything real time now. I had an account that got squirreled up and the Team Lead for New Accounts explained the process which made a ton of sense.

TL;DR just get them good photo of SSC, DL, and maybe Gas/Electric/Water bill and you should be set if it all matches. Don’t worry about the provider because those systems are funky

https://developer.equifax.com/products/apiproducts/dtec

I did have a wrong ITIN ending in 9999 show up on my ChexSystems last year, as well as a misspelled version of my name and a typoed version of my address. Chex removed those last year with no fuss. Wondering whether they have created ghost records. No idea.

Statistics: Posted by TyrannicalDuncery — Sun May 05, 2024 9:11 pm — Replies 5 — Views 602

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