The latest target for identity theft is people who don’t even have a credit history yet. Crooks are zeroing in on the identities of children to create their bogus IDS. Why? Well, kids usually don’t check their credit histories, so that means it’s easier for fraud to go unnoticed.
Also, children don’t have bankruptcies, loan defaults, or late payments that might cause them problem getting credit cards.
All these crooks need to do is get their hands on a child’s name or social security number to get started with this scam and your kid has a wrecked credit history before he or she is old enough to vote.
What can you do? Experts suggest freezing your child’s credit until they’re an adult and actually need to take a loan of some kind.
To freeze the credit of a child under 16, (16 and up will need to contact the agency themselves.) contact any or all of the three major credit reporting agencies, Equifax, Experian, and TransUnion and request a freeze on their account. account. If you request online or over the phone, they must complete the freeze with one business day. Make sure to request a freeze and not a lock. Locks have monthly fees. You will need to provide a Social Security number for the child.
You might also want to get a copy of your kid’s credit report just in case there has been any suspicious activity.
Equifax
Equifax.com/personal/credit-report-services
800-685-1111
Experian
Experian.com/help
888-EXPERIAN (888-397-3742)
Transunion
TransUnion.com/credit-help
888-909-8872