Everyone knows that their identity can be compromised as a result of disclosing personal information online or having their wallet stolen, but did you know that your children’s credit is also at risk?
Children are common victims of identity theft and the worst part is the theft may go undiscovered for years until the child turns 18. Childhood identity theft can cause big problems down the road as the child grows up and attempts to get a loan for a car, college or something else. To make matters worse, childhood identity theft is usually committed by a relative or close family friend who has access to the child’s personal information.
So what can you do to protect your child’s identity? The best way to proactively protect your child’s identity is to keep their Social Security number in a safe place, away from relatives and friends and to only disclose it when necessary.
Be on the lookout for pre-approved credit card offers in your child’s name and check for reported income on your child’s social security earnings statement. If your child has any reported income, it is a good indication of identity theft.
Another way to protect your child’s identity is to freeze your child’s credit report. You can do this by contacting the 3 major credit bureaus: Equifax, Experian and TransUnion.
