You Should Freeze Your Child's Credit Report Now

July 23, 2018

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The world is a scary place and as parents, we tirelessly work to keep our children safe.  But there's a good chance your child's credit is vulnerable.  As odd as it sounds you should freeze your child's credit even though they are not old enough to obtain a credit card!  More than 1 million children in the U.S. were victims of identity theft last year and to thieves, it's the best identity to steal because it has never been used and generally not monitored by fraud protection services. Once stolen, a child’s Social Security number can be used to create a “synthetic identity,” a newer form of fraud that’s been on the rise. Thieves use the SSN but attach a fake name, birthday, etc. to it to be able to start a new credit file and apply for loans, credit cards and more. The good news that Florida is one of 28 states that let parents and legal guardians freeze, or lock down, a minor's social security number so that it cannot be used to obtain credit.  You will need to do this individually for Equifax, Experian and TransUnion credit reporting agencies. You can add an extra layer of protection by signing up your child on a credit monitoring service that alerts you if their social security number is used without your knowledge.

SOURCE: Two Cents & Krebson Security

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