Identity theft continues to be a plague, severely impacting the financial health of millions of Americans. Consumers who are the victims of identity theft can lose thousands of dollars and years of fighting bureaucratic red tape as they are forced into situations where they are continually asked to prove that they are who they say [...]
Identity theft continues to be a plague, severely impacting the financial health of millions of Americans. Consumers who are the victims of identity theft can lose thousands of dollars and years of fighting bureaucratic red tape as they are forced into situations where they are continually asked to prove that they are who they say they are. They then also have to try to remedy the ill effects of the theft with regard to their credit scores.
Lately, identity thieves have been targeting children, with even more damaging consequences. The incidence of child identity theft has almost doubled in the past two years.
The Identity Theft Resource Center studied child identity theft and found that the theft usually happens when the child is very young. According to the study, in 54% of the cases, the theft happened before the child was 6 years old.
Why do identity thieves look for children? Two compelling reasons: it is easy to do and it takes a long time before they are discovered. The only thing the thief needs is a Social Security number, which parents apply for soon after birth. Because children have no credit history, parents do not think to check their credit reports and so the theft goes undetected. When the child grows up and applies for credit, he is in for a nasty surprise – a negative credit history and a mountain of debt run up by the thief. These affected children find that they are unable to obtain credit when they become adults, including student loans, and some have even been served with arrest warrants.
Here are some tips to protect your children from identity theft:
• Be cautious about giving out your child’s Social Security number or copy of birth certificate. If you must give it to someone, make sure it is secured.
• Don’t let anyone in your family carry their Social Security card around with them. Leave the cards at home.
• Keep an eye out for business correspondence addressed to your child, particularly pre-approved credit offers and collection notices. Investigate immediately.
• When children are old enough to use the Internet, teach them about keeping their passwords and personal information private. Advise them not to use the mother’s maiden name as a password.
• Add your children to your identity theft protection plan.
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