A Credit Union E-Course

Lesson Nine
ID Theft and Social Security Numbers

It’s quite common for employers and financial institutions, such as your credit union, to need your Social Security Number for wage and tax reporting purposes. And sometimes, financial lenders, potential landlords, utility companies, and other businesses will also ask for your SSN when they do a credit check, such as when you apply for a home mortgage loan. But there are times when businesses will ask for your SSN simply for general informational purposes. Make sure you know, before you give it out, exactly what it’s being used for.

It’s a good idea to ask questions, such as:

- Why do you need my Social Security number?

- How will it be used?

- How do you protect it from being stolen?

- What will happen if I don’t give it to you?

It’s good practice not to give out your SSN unless you absolutely have to.

It’s true that some businesses and institutions won’t or can’t provide services to you, especially in the instance of a home loan, without your SSN. But if you remember to ask the above questions, you’ll at least be able to make a safe, informed decision before you simply hand it out.

Action Step: Resolve not to share your Social Security number with anyone unless you’re certain that security measures are in place.

Next Lesson: What to Do if Your Identity’s Been Stolen

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