Ahhh the old "Social Security" dilemma (said in Maxwell Smart's voice
)... As you may or may not know I was part of the NWO until I saw the
light last year.
Seriously, I was a Divisional Vice President at one of the top5 Mortgage Banks in Texas. I had 40 or so employees in my division at the corporate
office and a few scattered more around the Southern US. My division managed to fund over $1,000,000,000.00 in mortgages across the country in the
first two years of its existence.
I want to explain the social security number "problem" to you in the hopes you'll see that your frustrations are well founded but hopeless.
The Social Security Number (SSN) system was invented to facilitate the distribution of benefits to every American. each number is unique and has quite
a bit of info "in it". The state it was issued in being the most obvious.
Since this number is unique to each to individual even the military began using them as the ONLY ID afforded our service people (that's what's on
the dog tags).
The credit industry, realizing a need to efficiently track people's payment history in order make informed credit decisions adopted the SSN as the
primary means of identifying US citizens.
Your credit reports (there are 3) are ALL organized by your SSN. Utility companies report to one or all three of these credit reporting agencies when
you don't pay your electric, gas or services bill. The ONLY way to report a non payment to these agencies is via the SSN of the person who did not
This is why the utility companies, credit card companies, doctor's offices (although medical insurance is usually tied to your SSN as well but that
is getting phased out), leasing companies, landlords, etc... ALL want your SSN, so they can report you if you don't pay. It's really a pretty fair
system UNTIL these same companies refuse to spend adequate dollars PROTECTING you from ID Thieves.
Rest assured the rest of the population feels your agony.
Val and I have a Password Protect on EVERY utility, service we have too. It simply makes sense. ANYONE can get your gas, electric and water shut off
or add'l services added with a phone call unless you protect your account this way.
I have always felt the credit companies that will so quickly report a 1 day late payment should spend resources on protecting you from people opening
up new charge accounts in your name, on your credit history, and racking up huge debts that YOU legally have to pay back unless theft is proven which
is a major PAIN to do.
They are so eager to have a "good score" customer open a new charge account it's amazing how little verification there is once the credit report is
pulled. If you have a FICO Score >720 you are an A-1, top shelf (pick the phrase there is no official term) borrower and can get pretty much ANYTHING
you want up to the $25,000 range with NOTHING but a signature/telephonic conversation. Someone who knows your SSN, your DOB and your address, all of
which are easily obtained once you have the SSN, can simply go on line, fill out a CCA (credit card application) get instant approval, call the bank
on the phone and get a number to start charging stuff on the internet for delivery to one of those "Mail Box" stores in every shopping centre.
These days the banks are catching on and making it harder but I assure you, just 3 years ago it was like taking candy from a baby.
All in all, your SSN is the most efficient way to identify you and it's a good thing that creditors have it because the report generated on it is
widely accepted proof of your credit worthiness and makes it MUCH easier to qualify for a mortgage, car loan or whatever. I bet when you did the
mortgage on your new house they did it right over the phone, used "Automated Underwriting" and your approval took about 10 minutes.
10 years ago we had to submit every loan to a human underwriter who invariable was buried under a pile of applications and it would take up to a week.
I was one of the first Mortgage Bankers to use AU back in the 1990's and I saw the power of the internet in B2B and it amazed me.
Here's the REAL scary stuff... ALL this AU data is transmitted over the internet, imagine someone who really wanted to do some financial damage that
knew how to access it.
You'd also be AMAZED at how EASY it is for a "non vetted" employee at a bank to get this information on thousands of people! There are Federal
"Financial Data Security" Laws in place that can cost a lending institution their license for non compliance but there is NO way to enforce or
You hear every month or so about someone getting into a major creditor's data system and nabbing CC#'s, cash account #'s etc... and making off with
lots of money. That's the reason behind the $50.00 maximum liability for the consumer in the event a card is lost or stolen.
[edit on 12-8-2005 by Springer]