|Take steps to protect the ID of your child|
Some parents are learning the hard way that their under age 18 children have a credit report. A child’s Social Security Number can be stolen and used by criminals which in turn, means major headaches to clean up what someone else wrought.
Enterprises TV learns the rate of child ID theft is 50 times higher than it is with adults. Most people don’t think that the identity of a child can be stolen. But parents and kids are quickly learning this happens when credit card applications, collection letters and denial of service letters from insurance companies arrive in the mail. Some affected children learn that their ID was hacked and ruined when they apply for student loans and are denied.
The U.S. Federal Trade Commission advises parents to check all three credit reports every three to four years, and especially when the child reaches age 16. The Enterprises TV show also suggests checking credit reports and if something suspicious appears, contact the credit reporting agency and consider using an ID theft company to keep tabs on personal financial information. Diligence is a good prevention tool. It may seem arduous, but it is far less troublesome than having to clean up an identity someone stole and used later on.