Should I be able to lock my social security number?
One of the most private pieces of information, your Social Security number is an identity that belongs to you alone. It serves to authenticate you and check your financial records such as bank balances and credit history. Unfortunately, these identity thieves also do know this and that is why they will specifically go for the Social Security numbers in an attempt to impersonate the real cardholder and defraud. This is among the ways through which one can protect this account from being exploited by the wrong people.
The following describes what a Social Security Number Lock does.
An SSN lock is a tool that enables you to limit the use of your Social Security number and credit reports. This helps to prevent identity thefts from creating fake accounts on your credit card. After a lock is set, third parties who might be seeking your Social Security number or credit reports will have to first unlock the information, and usually, this is achieved by presenting further identification.
Certain organizations may enable you to set up a lock in your Social Security number with them without any intermediaries. For example, the three prominent credit reporting firms of Equifax, Experian, and TransUnion all provide something similar. Other related services that there are third-party companies specializing in identity theft protection services include the placement of locks in the credit reports and Social Security numbers.
The limitations of access also help serve as an additional layer of protection against identity thieves using your details. It is an extra safeguard in addition to periodically reviewing your credit reports, as well as your bank/credit card statements, to check for any indications of financial fraud.
Pros of locking a Social Security Number
- This helps to lock out the fraudsters from opening easy accounts - Since you will need to verify your social security number and credit reports before getting a loan or credit card, then you prevent fraudsters from doing this.
- Extra notification when your data is retrieved – As it varies depending on the company, it may also provide notifications whenever someone can unlock your reports or Social Security number. This enables you to look for any signs that may indicate that something immoral is happening.
- Can help protect from medical/tax identity theft – Identity thieves may use the stolen SSN to secure medical care and/or file misrepresenting tax returns. A lock offers protection for your data; you cannot open your data without the help of a key.
- Allows you to control your personal information - Adding extra layers of security to your Social Security number makes you the only one to decide who can or cannot view such information. This greatly minimizes the chances of misuse by identity thieves since all transactions are valid and above board.
Potential Drawbacks
While Social Security number locks offer important protection against identity theft, there can be some downsides to consider as well:
- More delay or extra steps when needing to unlock report / SSN – Although not so frequent, you may sometimes be locked out for a bit longer when you want to unlock your details for some genuine procedural reason such as applying for credit or loans.
- Possible fees - Certain third-party identity theft protection agencies require subscription fees for their services, these can be monthly or on an annual basis and cost roughly between $10 and $30 per month. The credit bureaus may also require individuals to pay some amount of fees to provide the requested information.
- Doesn’t prevent all types of identity theft - Locking your Social Security number is useful in preventing “new account” identity fraud, where a person seeks to establish new credit accounts in your name. Other potential scams like tax or medical identity fraud may still exist. It is worth continuing to track the balance in a bank account as well as patients’ records.
- Needs constant watch -The extra layers may give you a false sense of security. You still have to monitor for any suspicious or unauthorized activities, signs of fraud, as well as notifications about access to your data. Therefore, optimum protection is possible through a lock in combination with careful supervision.
The methods used to lock a Social Security number are illustrated in the following section.
If you decide the benefits of restricting access to your Social Security number outweigh the potential hassles, here are steps to put a lock in place:
- You should contact the credit reporting bureaus of Equifax, Experian, and TransUnion - as they enable you to limit access to your credit report by placing a credit freeze or a security freeze. This secures your reports and can only be thawed at that time when one, including the applicant, wants his or her credit file. Fees may apply.
- Read some reviews for firms offering identity theft prevention services - There are several firms for identity theft protection including LifeLock, IdentityForce, PrivacyGuard, IdentityIQ, and others that have different protection plans involving placing locks on users’ Social Security numbers and credit reports. But if there is a need to choose the one, compare the features and cost offered keenly.
- Review other agencies/services you consume – Some of the governmental agencies you may use such as the Social Security Administration or the IRS may let you limit access to your certain accounts with additional PIN codes or other forms of security. It is best to call them personally and enquire about the possibility of restrictions as to who can access your Social Security number in their databases.
The more doors and barriers you have around your number the better and the safer your Social Security number will be. This of course consumes a lot of time and energy but is always rewarding in ensuring that identity thieves never get access to your highly sensitive data. It is recommended that they keep the unlocking codes safe somewhere so that when the need arises, they can unlock their data for their rightful use. Closely monitoring your financial accounts and reports as well as keeping an eye on your credit reports also helps.
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