Have you checked your child’s credit report?
Just in case parents didn’t already have enough to worry about, a new threat aimed at kids has emerged and is wreaking havoc on families across the US. The problem is identity theft and according to the Federal Trade Commission, 400,000 children have their identities stolen each year – a number that’s increased steadily in recent years.
Minors make ideal targets for identity thieves because the crime can go undetected until the child takes on credit obligations – usually when they are in high school. It’s only then that a credit card rejection or some other event prompts a credit report review. The younger the victim, of course the more time identity thieves have to exploit the child’s identity.
First and foremost is checking your child’s credit report regularly as you do your own. Major credit reporting agencies such as Equifax, Experian and TransUnion don’t knowingly keep credit files on kids, so a check of your child’s credit report should turn up nothing. If a record appears, act fast because there’s a potential problem. Visit ChildCreditReport.com for comprehensive information about combating child identity theft.
