PROTECT YOUR CHILDREN FROM IDENTITY THEFTSubmitted by Financial Planning Hawaii on February 28th, 2018
"Synthetic Identity Theft is the New Rage"
Posted by J.R. Robinson 1/5/2018
A client called recently called to ask whether one can or should place a credit freeze on minor children. Clark Howard produced a great piece on this topic a few months ago called, “How to put a credit freeze in place for your child”. The article cites the Identity Theft Resource Center’s estimates that minors are 51 times more likely to be the subject of identity theft than adults and that 1 in 10 children have their identities hacked by age 18. Per the article:
Child identity theft is one of the worst forms of fraud because it often goes unchecked and unnoticed for years. Then, when your kid goes off to college, suddenly he or she can’t get loans or qualify under FAFSA because supposedly they’re 37 years old and defaulted on a mortgage!
If you have minor children, I encourage you to read Clark’s article. It has links with explicit instructions on how to place a freeze on your child’s credit with all three major credit bureaus.
For further reference, here’s another similarly insightful article from Consumer Reports – Have you tried to prevent identity theft for your child?