Children Can be Victims Identity Theft
Children Can be Victims Identity Theft
In terms of bad credit, Riley had utility bills not yet paid and overdue payments on her department store credit card. However, the more serious problem is that Riley was only eight years old and she is a victim of children’s identity theft. Riley and her parents were not aware that her Social Security number was stolen by two people.
ID Analytics, a consumer risk management company, said that approximately 140,000 identities of children are stolen annually. Moreover, Javelin Strategy and Research said that for 2011, there was a 13% increase of adult identity fraud from 2010.
Michelle Dennedy is the mother of Riley. It’s quite ironic that the identity of her child was stolen considering the fact that she is an online privacy professional.
According to Dennedy, the thieves can be criminals or illegal immigrants. Unfortunately, parents can also be the thieves, or what Dennedy calls “friendly fire”. Other times, it can be an honest mistake.
Some indications that your child might be a victim of identity theft are debt collection calls, bills or credit card applications addressed to your child. On the other hand, these are not at all times signs of identity theft.
In order to avoid child identity theft, parents must be strict about disclosing the Social Security number of their child to other parties.
They can also avail of credit monitoring services. These services are offered by several banks, credit reporting agencies and online security firms. Also, these services can notify you when there is an attempt to open a new account using your name.
Last February, Consumer Reports issued a study which indicates that although these services can minimize panic, some of them might not be worth the money. According to Consumer Reports, an estimated 50 million people paid $150 to $300 annually for credit monitoring services that might be doubtful. Their advice is to consider identity theft critically but not to panic at the same time.
Related posts on loans for people with bad credit:
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Filed under: bad credit • Credit • credit cards • Credit Score • Personal Finance • personal loans
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