A Social Security number is an identifying digit issued by the Social Security Administration. Financial institutions such as banks and credit companies usually ask for your Social Security number to allow you to open an account.

Social Security number is also needed for work. It also determines your eligibility for Social Security benefits and other government services.

If you are a noncitizen allowed to work in the United States, you may also need to provide a Social Security number.

If you are considering changing your Social Security number, there are several factors to consider, such as confusion with the tabulation and distribution of benefits.

Individuals cannot change their Social Security number simply because they want to or because their card has been lost or stolen.

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Change Social Security Number

The Social Security Administration (SSA) will assign a new number if more than one person is given or using the same number, CNET reported.

SSA will also determine a new Social Security number if sequential numbers assigned to members of the same family are causing concerns: If you are a victim of ongoing theft by someone using the original number, if you are being harassed or abused, or if your life is in danger.

SSA also considers changing your number if there is a religious or cultural objection to digits in the original number.

You can only apply for a new SSA number by submitting a new Form SS-5 in person at the nearest Social Security office. You cannot do it online.

Applicants will be asked to make a statement explaining the reasons for a new number, including "current, credible, third-party evidence documenting the reasons."

U.S. citizens must also bring two original documents stating their age, identity, and citizenship status, such as a passport, birth certificate, or driver's license.

On the other hand, noncitizens must show current immigration documents. For victims of abuse or harassment, documents should include supporting materials such as police reports, restraining orders, medical records, and letters from shelters.

Social Security Number

Social Security number is useful in several things, such as determining eligibility and calculating your benefit payments. It is also used when getting private insurance or buying a home or a car.

Your employer will also use your Social Security number for state income tax reporting unless your state does not have an income tax.

When applying for a federal student loan, the government will use your unique identifying digits to make sure you are eligible for the loan.

The number is also used in certain types of public assistance such as unemployment benefits or Social Security disability income.

Social Security numbers are used to identify people and to ensure individuals are not claiming benefits to which they are not entitled.

When applying for a passport, the law also requires you to provide a Social Security number. The number is also useful when filing your tax returns.

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This article is owned by Latin Post.

Written by: Mary Webber

WATCH: How Social Security Works - From CNBC