Is Your Child A Target For Identity Theft?
Identity theft gets a lot of attention these days but child identity theft is hardly ever mentioned, in spite of it being one of the quickest growing areas. One of the reasons children are so vulnerable is because they usually have a social security number, but their parents rarely check their credit reports since they wouldn't expect there to be any need. Problems can rear their ugly head years later when the child is grown up and applies for a loan or a credit card. Suddenly, the problem from years earlier shows up and their application is declined.
How Childrens' Identities Are Stolen
Every child born in America is issued a social security number, which the parent often has to obtain for health insurance and tax purposes. In the course of taking the child to the doctor, registering for school, signing up for sports, and filing taxes, the child's social security number is spread out all over the place. While the government is busy making changes to protect adults from identity theft, a child's social security number is still the number one form of identification at school and at medical offices. This makes every child a target for identity theft.
Furthermore, few parents even think about checking their child's credit report since the child isn't using any credit until they are about eighteen years old. Even adults who recognize the importance of monitoring their own credit history, and do so faithfully, ignore the need to keep tabs on their children's credit reports. Meanwhile the government urges individuals to monitor their own credit without mentioning that they should do the same for their children under 18. Most disturbingly is that the websites set up to provide free annual credit reports do not allow you to view your children's records. You must send a letter through the mail in order to gain access to this information.
When Child Identity Theft Happens
Often the child does not realize that they have been a victim of identity theft until many years after the fact. This poses a couple of problems for the new adult in regards to clearing their credit history. Thieves who commit identity theft against children open new accounts and take out loans in the name of the child. Statistics show that it is often much more difficult to clear up accounts that were opened new as compared to existing accounts with fraudulent charges made on them. Secondly, the accounts are frequently many years old and deep into collections by the time the individual becomes aware of the child identity theft. Even if the accounts are paid off after going to collections, the black mark remains from the original lender for many years.
How To Protect Your Child From Identity Theft
The most effective way to protect your child is to check their credit reports on an annual basis. You should also stop giving out their social security number unless you absolutely have to. The IRS and sometimes your doctor are the only ones that have the right to ask you for it. And don't carry your kids' social security cards with you - memorize the number instead and leave the cards in a safe place.
Article Source: http://www.search-raven.com
About the Author
Do you know identity theft can happen over the internet? If you're not running the right kind of pc security, your personal information can be stolen. Find out how to protect yourself at the Security Manor website.
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by: PaulWilcox
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