About 10 percent of all children have been the victims of identity theft. Surprised?
You shouldn’t be. To identity thieves, a child’s social security number represents a blank slate, and it’s a slate most parents don’t think to check…but they should.
If you are a parent of a minor child, please don’t ignore the following:
- Debt collection calls or letters that target your child
- Credit card offers in your child’s name
- Notices for the IRS stating your child didn’t pay taxes
If you have received any of these items, it may not necessarily mean that your child’s identity has been stolen, but consider them HUGE “red flags.”
Check his or her credit report.
This process is not as simple as checking your own credit, but you should go to the websites of the three major credit bureaus (Experian, Equifax and TransUnion) to find out what’s required. You may find that your child does not have a credit report, and that’s a good thing. How often should you check? You should check at least once every two years, or more often if you’re confronted with one or more of the above red flags.
If you do find your child has a credit report, freeze it immediately. This will keep an identity thief from taking out
credit in your child’s name. To freeze a credit report, call one of the three major credit bureaus: Equifax, 1-800-349-9960; Experian,
1-888-397-3742; and TransUnion, 1-888-909-8872. They’ll charge about $10 to do this, but it’s money well spent.
For the answers to many of your questions about freezing credit reports, check out this Federal Trade Commission fact sheet: https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs:
Jayne Di Vincenzo, AIF®, CEP®
President
Lions Bridge Financial Advisors
757-599-9111
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.