{"id":34471,"date":"2010-07-07T04:00:42","date_gmt":"2010-07-07T11:00:42","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=34471"},"modified":"2024-04-16T14:00:00","modified_gmt":"2024-04-16T20:00:00","slug":"how-to-safeguard-your-social-security-number","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/how-to-safeguard-your-social-security-number\/","title":{"rendered":"How to safeguard your social security number"},"content":{"rendered":"

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In articles about how to prevent identity theft<\/a>, I’ve often read that one should never give out his or her social security number (SSN) unless absolutely necessary. That sounds like good common sense. But I recently found myself asking, in what situations is it actually necessary?<\/p>\n

I’ve mentioned that my husband and I own land on which we are starting to build a home<\/a>. The land is owner-financed, and we’ve had a great relationship with the sellers (who are also our future neighbors) for the past three years. Last week I received a message that they needed our SSNs. The full story wasn’t clear, but it seemed they had a new CPA who said she needed our numbers to complete their taxes. This immediately set off red flags for me. This isn’t to say I distrust the sellers. They are a lovely retired couple \u2014 the kind of people that invite you in for coffee when you drop off the monthly payment. But I didn’t know this CPA, why she needed our SSNs when they’ve never been needed before, and what precautions she would take to safeguard them. So I decided to dig a little deeper. Do you have to provide your SSN because it’s requested, and if not, how do you know which situations are optional?<\/strong><\/p>\n

<\/span>Social Security Numbers: Why They Matter<\/span><\/h2>\n

Someone illegally using your number can access personal information and apply for and use credit in your name, creating a financial mess that you’re left to sort out. Creditors can start calling, and you might be turned down for loans.<\/p>\n

According to the 2010 Identity Fraud Survey Report, last year more than 11 million people in the U.S. were victims of identity fraud \u2014 at a total cost of $54 billion. The good news is that most victims didn’t have any out-of-pocket requests, and those who did paid an average of $373. But the average time the victims had to spend to resolve the situation was 21 hours. Yuck.<\/p>\n

It’s important that you safeguard your number, taking the following precautions:<\/p>\n