So, your wallet just got stolen. It’s annoying but not a big deal if there was very little money in it, right? Well, that depends on whether or not you were carrying your SSN card. If you were, the wallet being stolen moves from annoying to severe.

The repercussions of having your Social Security card stolen could be a lot more severe than you realize. Your bank and credit cards can be quickly canceled and replaced, but the same is unsuitable for your SSN card.

This post will deal with some potential risks of a stolen card.

Your Credit is at Risk

Your SSN is like gold for identity thieves. They can apply for credit in your name with these numbers and your full name. Using your SSN, they can and will rack up as much debt as possible. The problem is that you won’t know anything about it until the accounts are collected. Also, read How to Build Credit Score

Some criminals will make a few initial payments to establish a good record with the company and gain access to even more credit. Eventually, though, it all ends up the same way. They run up a lot of debt, and the companies they have dealt with come looking for you.

Proving that you are a victim of identity theft can be long and tedious. You have to show that you did not apply for the credit in the first place. In the interim, the company will send debt collectors after you or ask for legal relief against you.

You could end up having your wages garnished as a result.

You Could Lose an IRS Refund You Are Due

Another trick that identity thieves enjoy pulling off is to apply for your tax refunds. Reclaiming the money once this has happened is a complicated process and might fail to be successful. Also, read Tips for Hiring a Professional for Your Tax Problem.

Criminals May Use it in the Commission of Crimes.

Criminals may use your identity in place of their own when it comes to the commission of crimes. They might also use it as a means of evading arrest. If, for example, they are pulled over by the police, they might give your name and SSN to hide their true identities.

It Could Be Sold to Illegal Immigrants

An SSN is essential if you need to apply for a job, Medicare benefits, etc. Another lucrative market for criminals is selling your SSN to illegal immigrants. In most cases, the immigrant might use the number to apply for work.

If they’re also applying for benefits, this could make things difficult for you later if you want those same benefits.

Conclusion

Having your SSN stolen is a serious business. It can impact every area of your life and hurt your future. Safeguard yourself by keeping your card in a safe place. If you find it missing, be sure to report it to all the relevant authorities immediately.