Costs Involved in Changing Your Social Security Number After Identity Theft

Has your identity been stolen and are you considering changing your Social Security number (SSN) as a step to protect yourself? It’s understandable to wonder about the potential costs involved. While the Social Security Administration (SSA) does not charge fees for issuing a new SSN in cases of identity theft, there are several other costs you might encounter. In this article, we will explore the potential financial impacts and provide guidance on how to proceed with the process.

Understanding Identity Theft and the Process of Changing Your SSN

Identity theft is a serious issue that can lead to significant damage to your financial and personal life. Changing your SSN can be a necessary step, but it can also be costly. Here are the potential expenses you might face:

Legal Fees

If you hire an attorney to assist you with the process of obtaining a new SSN or dealing with the aftermath of identity theft, legal fees can vary widely. The cost depends on the attorney’s rates, the complexity of your case, and the type of services you require. Some attorneys may charge an hourly rate, while others may provide a flat fee for the entire service.

Credit Monitoring Services

Afters identity theft, it is wise to invest in credit monitoring services to protect your financial information from further harm. These services can range from $10 to $30 per month and offer detailed reports and alerts about any suspicious activity on your credit reports.

Costs Related to Repairing Your Credit

If your credit has been damaged due to identity theft, you may need to pay for services to repair your credit score. These services can include credit repair agencies, credit counseling services, and other financial management tools. The cost of these services can vary, and some may provide a flat fee while others may charge on a per-service basis.

Lost Wages and Inconvenience Costs

Dealing with the aftermath of identity theft can be time-consuming, and you may need to take time off work. This can result in lost wages and other related expenses, such as paying for childcare if you have young children or hiring a professional to help sort the mess. It’s important to assess your financial situation and plan accordingly.

Replacement Documents

After changing your SSN, you will need to replace all documents and identification that are linked to your old SSN. This can include your driver’s license, passport, bank and credit card accounts, and other personal and business documents. The cost of obtaining these documents can vary, and you may need to pay fees for each replacement.

Initiating the Process

To begin the process of changing your SSN, you will need to provide proof of identity theft, such as a police report. You can apply through the SSA’s website or at a local SSA office. The agency will review your request and determine if a new SSN is necessary. If your request is approved, the SSA will provide you with a new SSN and a replacement SSN card at no cost.

Common Myths and Scams

It’s important to be aware of common myths and scams when dealing with identity theft and changing your SSN. Here are a few things to keep in mind:

Myth: The SSA will charge a fee for a new SSN in cases of identity theft.

In reality, the SSA does not charge fees for issuing a new SSN in cases of identity theft. Be cautious of any service that claims to offer a new SSN for a fee, as this is a scam. These scammers, often referred to as 'con men,' use persuasive tactics to gain your trust and steal your money. If someone offers to change your SSN for a fee, do not fall for it. Consult with the SSA or a legal professional for guidance.

Myth: You will need to give the thief your SSN during the process.

While it might seem counterintuitive, you do not need to give the thief your SSN in order to change it. The SSA will guide you through the process, and you will need to provide proof of identity theft and other necessary documents to initiate the change.

Conclusion

Dealing with identity theft can be overwhelming, but understanding the potential costs and the process of changing your SSN is crucial. By being aware of the fees involved, the legitimate steps to take, and common scams, you can protect yourself and your financial information. Always consult with the SSA or a legal professional for guidance and to ensure that you are taking the right steps to protect your identity.