Your Social Security number is your major identification key. It's a unique identifier lenders use to assess your creditworthiness. Also, it’s exactly what an identity thief needs to apply for a credit card, mortgage, car loan or job in your name.
If you're like most Americans, you give out your Social Security number too frequently.
As with so many procedures in the business world, your Social Security number is something that many companies ask for, so no one really questions it, but giving out your Social Security number is definitely a practice you should think twice about.
What’s Your Social?
Many of the forms you encounter – at doctor's offices, at the dentist, at the airline, at your child's school – ask for your Social Security number. Potential employers also need it, and they may even want a copy of the actual card. You'll also be asked for it at your local Department of Motor Vehicles, car dealerships, pawnshops, drugstores – even at the airport.
There are only a handful of organizations that actually have a valid need for it. Anytime you're applying for credit – for a new credit card, a loan, new telephone or cellular service – the creditor will need your Social Security number to run a credit check. You'll also need to provide it if you are applying for federal or local government benefits such as Social Security, Medicare or Medicaid, unemployment insurance or disability. If you or your children receive services or aid at the state or local level, such as free or reduced fee lunch or financial aid. Due to the USA PATRIOT Act, the local motor vehicle department has the legal right to ask for Social Security numbers. Also, when you complete a cash transaction totaling more than $10,000 you'll be required to provide your number so that transaction can be reported to the Internal Revenue Service.
Medical professionals have their own impetus. Basically, the reason a doctor or a dentist asks for your Social Security number is that, should you die while under his or her care, they are required to put your Social Security number on the death certificate.
Even so, fulfilling non-credit-related requests is purely optional, but the problem is that when you choose not to give out your Social Security number, business owners acquire the right to not do business with you. They're just being cautious by giving themselves a way to track you down if you don't pay a bill.
When is Your Social Security Number Required?
Mandatory
- Credit applications
- Cash transactions over $10,000
- When applying for certain federal benefits
- Military paperwork
- The Department of Motor Vehicles
Optional
- Doctor and dentist intake forms
- Supermarkets
- Preschools
- Drugstores
- Airlines
Identity theft can happen to anyone. The better you protect yourself with knowledge, the lower your chances of becoming a victim.
Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.
www.nationalrelief.com