How to Avoid Child Identity Theft
How to Avoid Child Identity Theft
Except when their Social Security number is used by somebody to falsely open an account or get a loan, the majority of children below 18 will not have a credit history.
With the help of Equifax, Experian, and TransUnion, the three credit reporting agencies, you can apply for a credit report in your child’s name to see if he or she has been a victim of child identity theft.
TransUnion has an application form for parents or guardians to answer and submit online. On the other hand, Experian requires written requests from parents. Both ask for the Social Security number and date of birth of the child and ID from the parent or guardian.
Moreover, there are sample letters already made by the state Office of Privacy Protection. Parents can mail these letters to either of the three credit reporting agencies if they would like to request for a copy of the credit reports of their child.
If parents discover a false account, then they can erase the credit history of their child by following a few steps.
Normally, you should request for the credit history of your child when they are in the age of 16 or 17 and they are about to graduate in high school. This is the time when they might be required a credit history, for instance, in applying for college or scholarships.
In order to prevent child identity theft, parents can protect the computers with passwords or they can destroy papers that have financial data.
Online security specialist Steven Schwartz, who works at Intersections Inc., a risk management firm in Virginia, said that your own financial information should be handled like it is cash. In addition, he said that parents should check what their children do online and educate them not to give away information particularly on social networking sites like Facebook and Twitter.
Since the government is only doing little in keeping children from becoming victims of identity theft, it is in the hands of the parents to protect their own children.
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Filed under: Credit • credit cards • Credit Score
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