Articles - Archived Money Matters

Guard Your Social Security Number

When it comes to the purchase of goods and services these days, requests for your Social Security number (SSN) are common. Companies may ask for it in order to process applications for auto loans, life insurance, medical care, cable TV service, apartment rentals…the list goes on and on. You may also be asked for it should someone need to run a credit check on you.

Each year, the media reports on computer breaches at corporations where important consumer information like this has been lost or stolen. To reduce your chances of becoming a victim of identity theft, think twice before giving your SSN out to anyone. Many people don't realize there are only a few organizations that have a valid reason to request your SSN. These include:

• Your employer (for wage and tax reporting purposes)
• Financial institutions where you have applied for credit (i.e. vehicle loans, mortgages, credit cards)
• Social Security Administration
• Medicare/Medicaid
• Department of Motor Vehicles (Required by the Patriot Act)
• Government student loan programs

Just because someone asks for this personal information, doesn't mean you have to provide it. In many instances, providing the number is optional and not a requirement. Businesses may try to deny service if you don't give them your SSN, but all is not lost.

• Why do you need my SSN?
• Is there a law stating it must be provided for this service?
• What will happen if I do not provide it? Can I offer my driver's license number instead?
• Will you accept a cash deposit on the account in exchange for obtaining the number?

Businesses may ask for your SSN for a number of reasons. However, with some effort on your part, it may be possible to get the goods and services you want without providing it. Ask to speak with a manager or supervisor who can waive this requirement or accept other information instead.