When trying to open a SoFi money account (or SoFi investment account), I'm told that there was an error and they couldn't verify my identity... i have checked this information 10 times and know its correct so that isn't the problem.

I tried checking my credit score in the SoFi app to see if that would atleast work, but i get this message

According to TransUnion®, you've recently tried to enroll in this product or a similar one too many times.

To protect your information, TransUnion® limits repeat enrollment attempts. Please wait 30 days and then retry.

I just turned 18 a week ago and have never tried to "enroll" in any transunion services, I also (i would assume) dont have a credit history considering ive never made any payments on credit.

I did try to open an ally bank account a week ago, but had the same difficulty verifying my identity problem, Im not sure if that has anything to do with this but figured i should add it just incase.

I'm wondering if anyone has had a similar problem or if anyone has a suggestion on how to fix these errors because my parents and I are quite confused.

p.s. I tried calling SoFi, but they said to contact experian, I did and they said i didnt have any credit history, but i dont understamd what that has to do with my identity.

  • I Googled "experian contact number" and the number popped right up.
    – RonJohn
    Commented Aug 10, 2021 at 23:53
  • The real issue is that Experian probably doesn't have anything on you. Stick with your local bank, and try and get a secured credit card; that will build up a file on you.
    – RonJohn
    Commented Aug 10, 2021 at 23:55
  • @RonJohn Does credit history really matter for verifying my identity?
    – TheAdmin
    Commented Aug 11, 2021 at 0:50
  • Yup. This is one reason why you should not listen to anti-CC Dave Ramesy.
    – RonJohn
    Commented Aug 11, 2021 at 0:53
  • @RonJohn Aha yeah i don't listen to that guy, even though he was basically all we got in my highschool personal finance class. I was just confused because i didnt know how to build a credit history without making a bank account and getting a credit card, but I'm currently opening one with discover and its seeming to work so i can build my credit history there for now. This is all quite daunting to get into for the first time!
    – TheAdmin
    Commented Aug 11, 2021 at 2:45

1 Answer 1


they said to contact experian, I did and they said i didnt have any credit history, but i dont understamd what that has to do with my identity.

Credit history is how companies (especially online companies) determine your identity. They need to do this because of Know Your Customer.

The know your customer or know your client (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's anti-money laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors, and other financial institutions are increasingly demanding that customers provide detailed due diligence information. Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are liable to oblige.

  • Thank you for clearing it up for me!
    – TheAdmin
    Commented Aug 11, 2021 at 2:42

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