What is an SSA 89 form used for?

What is an SSA 89 form used for

The SSA 89 form is an authorization for the Social Security Administration to release your social security information. It authorizes the administration to verify whether or not your name and the social security number you provide to a lender match the information that is in their records. The results of the matching can then be sent to the person or company requesting it.

A lender may use an SSA 89 form in order to prevent identity fraud. Filling out this form is not a requirement to get a loan at all lenders. The government does not require lenders to complete this verification.

The SSA 89 form must be completed by a person who wants to borrow money. It requires a signature and date in addition to the other required information. Lenders can prepare pre-printed sheets with their details. It is the borrower’s responsibility to give the completed form to the lender. Upon receipt, lenders use the consent-based social security number verification service to get the confirmation of matching information.

The government checks the borrower’s social security number, name, date of birth and gender code and returns a “yes” or “no” to whether or not there is a match in the Social Security Administration’s database. Lenders pay an enrollment fee and transaction fee to use the government’s database.

Lenders have the responsibility to make sure that the information they submit matches the information completed by the borrower. If the search turns up any areas that do not match, the lender has the responsibility to investigate. For example, a name mismatch might be due to two transposed letters. It is possible that a person changed their last name for everyday use, but the person might have forgotten to make the name change with the Social Security Administration.

A non-match in the result could also be due to identity theft. An identity thief might not actually know the borrower’s current address or correct date of birth.

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How does a small business loan work?

How does a small business loan work

Everything You Need To Know About Small Business Loans

At the beginning of a business’s life, the owner will likely need a loan to turn their ideas into something tangible. A person may need equipment, a building, or vehicles to start their business. However, small business loans differ in many ways from normal loans. It is important that anyone thinking about starting a small business learn all they can about a small business loan.

Where Do I Get A Small Business Loan?

Banks, credit unions, and online lenders can all provide a person with a small business loan. Take into consideration the different interest rates before you make your decision. The Small Business Administration can assist you with different aspects of beginning a business, but you cannot get a loan from the SBA. The SBA will work with you, alongside lenders, to help you secure your cash.

How Do I Apply For A Small Business Loan

Be prepared for a long, strenuous process. A lender will require a wide range of information. They will ask you about your previous work experience, including whether or not you have run a business before. The lender will also need to know exactly what you will be purchasing with the money. You will need to come up with a business plan prior to meeting with lenders. They are not going to give you their money unless they are confident in your plan. You will also have to provide the lender with basic information like identification, tax records, and a credit report.

An Additional Promise

Chances are you will be required to promise the lender that if you can’t pay back the loan they may seize your other assets. If you fail to pay back the loan, whether or not you agreed to this, you could find yourself in civil court. It isn’t uncommon for a lender to sue a person who cannot pay them back.

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What is the CBSV?

What is the CBSV

CBSV, or the Consent Based Social Security Number Verification Service, is a part of the Social Security Administration, an agency within the U.S. government that was created by Franklin D. Roosevelt during the Great Depression.

Indeed, when companies or other entities use CBSV, there are many reasons for them using it. Some of these include abiding by specific licensing agreements, doing background checks or credit checks. Companies that are involved in mortgage and banking services may also use CBSV.

What Does CBSV Help to Verify?

CBSV helps to verify the name of the SSN (Social Security Number) holder, their DOB (Date Of Birth) as well as an SSN match to SSA’s records. With CBSV, they will provide either a “Yes” or “No” indicator. In the case that the person being verified through the CBSV is deceased, CBSV will give a death indicator.

What Kinds of Fees may be involved when using CBSV?

In 2018, the Social Security Administration requires a one-time 5 thousand dollar fee for enrollment by companies as well as a fee every time there is a per-SSN verification transaction.

How Does CBSV Work With DHS I-9’s?

When discussing the Department Of Homeland Security’s I-9’s, CBSV does not identify citizenship, identity, eligibility of employment, or connect with the Department of Homeland Security system.

What Kind Of Identification Does My Company Need To Enroll In CBSV?

A business entity must have an Employer Identification Number, or EIN to enroll in SSA’s CBSV program. You can contact the IRS about getting an EIN. However, the Social Security Administration has the discretion to close enrollment for a business entity and suspend CBSV services at any time.

Who Can Interested Parties Contact If They Have Any Questions About CBSV?

For those interest parties who want to learn more about CBSV, they can email their questions to ssa.cbsv@ssa.gov.

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How would I know if someone stole my identity?

How would I know if someone stole my identity

Once an identity thief has your personal information, he or she can run wild with it. By recognizing the signs of identity theft, you can take immediate action to protect yourself from any further financial damage or harm to your reputation. Keep these top warning signs in mind as you safeguard your personal and confidential information.

Unusual Account Activity 

An identity thief might start to use your credit or debit card information to make cash withdrawals or purchase goods. You might log into your account and discover mysterious debits or charges at places you do not patronize. You might find that your shipping address has been changed to some other address. You may stop receiving mail related to your longstanding credit cards or bank accounts.

Accounts You Do Not Recognize 

Once an identity thief has your personal information, he or she could use it to open new accounts in your name. You can find this by checking your credit report. You might also notice new mailings about credit cards or lines of credit that you never applied for. Debt collectors might start to call you for accounts you never knew about.

Service Refusals 

If an identity thief attempts to use your medical insurance, you might start to get bills for services you never received. When trying to buy a new insurance plan, you might be denied due to a condition you do not have. This could happen if someone else has been using your identity to get treatment.

Legal Notifications 

Someone could steal your identity and file false tax returns with the state tax department or the IRS. You might get a notification from the IRS that you were already claimed as a dependent. The IRS could send you a letter stating that you earned income from an employer where you have never worked. You might get property tax bills, liens or utility bills for places where you do not and have never lived.

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