What Happens If a Social Security Number Is Stolen?
Your social security number is a unique nine-digit number assigned to you by the United States Government. Your social security number is usually required to report your tax information and receive government benefits. Your social security number may be used to apply for credit, open a bank account or apply for a new job. If your social security number is stolen, it can lead to a number of issues and concerns.
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The Possible Consequences
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If your social security number is stolen, the Social Security Administration indicates a thief can use your social security number to secure employment and accumulate social security credit in your name. Your social security number can also be used to withdraw social security benefits from the government in your name. Your social security number can also be used to access your personal information including bank accounts, investment accounts and tax information. If your social security number is stolen, your identity and all of your financial assets could be stolen.
The Lasting Effects
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If your social security number is stolen and someone uses your information to obtain credit or run up debt, you may suffer from the lasting effects of those consequences for many years. You may struggle with collection agencies attempting to collect debt that does not belong to you and you may never fully recover your total financial losses. You may even face criminal charges if your social security number is used to perform illegal activities in your name.
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Required Actions
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If you discover your social security number has been stolen or compromised, you need to take important steps to protect yourself. If you think someone is using your number for work purposes, contact the Social Security Administration (SSA) to report that. They will review your earnings with you to ensure their records are correct. The SSA recommends contacting the Federal Trade Commission to learn how to detect and defend yourself against possible identity theft. The SSA also recommends that you contact the Internal Revenue Service and speak with a member of the IRS Identity Protection Unit. You should also contact the three major credit bureaus--Experian, Transunion and Equifax. Request a fraud alert be placed on your credit report to deter someone from opening unauthorized credit accounts.
Demand Proof
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If you find you have become a victim of identity theft, contact any companies that issued credit in your name or employers who have reported income tax under your social security number. Notify the company of the theft situation and request documentation of any account, agreement or paperwork that was submitted with your social security number, so you can report the identity theft to the appropriate authorities and dispute responsibility for unauthorized charges.
Secure Your Number
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To prevent theft of your social security number, keep your personal documents secure at all times. Do not give your social security number to any agency unless it is required by law and keep your social security card in a safe place where it will not be seen by others.
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References
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