Do You Have Multiple Social Security Numbers? - Bargaineering |  |
| Do You Have Multiple Social Security Numbers? Posted: 20 Sep 2010 09:06 AM PDT Did you know that 6.1% of Americans have at least two Social Security numbers associated with their name? A hundred thousand Americans have five or more associated with their name. Those are just two the amazing statistics out of an surprising report by ID Analytics. When you consider that there are 1,000,000,000 possible Social Security numbers, of which over 420 million numbers have been issued since November 1936 (according to the SSA’s FAQ), it’s amazing there aren’t more errors. I experienced this first hand a few years ago when I discovered a keying error resulted in me having two Social Security numbers. It took a little while to fix the error with the credit bureaus, which I discovered resurfaced just a few weeks ago, but someone typed a 0 instead of a 6 and I was awarded a second number (the bureaus obviously don’t double check this stuff… they probably don’t care). This underscores the importance of keeping tabs on your credit report, which you can review annually, because that’s really the first place where duplicate numbers can really hurt you. Sometimes the duplicates are the result of honest errors and sometimes it’s fraud, keeping tabs on your credit report will help you fix it as soon as possible.
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| Rule of Thumb on Insurances To Avoid Posted: 20 Sep 2010 04:19 AM PDT Here’s the rule of thumb I use on whether or not an insurance policy is worth getting – if they are willing to sell you insurance without knowing anything about you, don’t buy it. Think about how much information you have to provide if you’re buying any kind of “traditional insurance.” With life insurance, you have to submit yourself to a physical. For auto insurance you have to offer up your car’s history, your credit history and your driving history, which is being tracked by a third party. For homeowners insurance, you have to provide a history of claims on your home (don’t worry, it’s tracked by a third party), your own credit history, and home details. When you buy travel or trip cancellation insurance, they don’t need anything except your money. When you buy cell phone insurance, they don’t need anything except your money. Extended warranties? Just send in a check. If you’ve ever looked at the business model of an insurance company, it’s fairly simple. You collect premiums, invest the “float,” and then hope that the gains off the float offset the claims payouts. You expect to pay back all of the premiums in the form of claims in an average year. In a “good” claims year, you pay back less and in a “bad” year you pay back more than the premiums you’ve collected (hopefully less than the gains from your investments). [This is based on reading Berkshire Hathaway annual reports, which are remarkably fun to read] Insurance companies manage risk by analyzing and scrutinizing who they insure. When they don’t do either, you know they must be making money hand over fist at your expense. What do you think about my rule of thumb? Makes sense? Totally off base? Please let me know!
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Do You Have Multiple Social Security Numbers? - Bargaineering Part 1
Do You Have Multiple Social Security Numbers? - Bargaineering Part 1
Do You Have Multiple Social Security Numbers? - Bargaineering Part 1
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