Keeping Your Number to Yourself
Just because an organization you want to do business with asks for your Social Security Number doesn't mean you need to provide it. According to a Time magazine article, only a handful of organizations actually need your number: Your employer, your bank, and your doctor (if you are on Medicare or Medicaid). However, it may take a lot to convince those making the request that they don't, in fact, need your number. The Time reporter tried signing up for phone service and ended up talking to eight different people before she found one who told her they could accept other forms of identification such as a Drivers License.
Matt's View
It may be a hassle to avoid giving out your Social Security Number, but it's worth it. As the article pointed out, if someone steals your credit card number, they can run up charges on your account, but chances are good that the credit card company won't make you pay. On the other hand, if someone gets your Social Security Number, they can open new accounts in your name, which you may not discover for months or even years. Undoing that damage, according to the Federal Trade Commission, costs victims an average of 60 hours and nearly $1,200.
This article filed in: ID Theft
Managing Money by The Book
- "Be joyful in hope, patient in affliction, faithful in prayer." - Romans 12:12
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