Tuesday, April 15, 2014

2014-04-15 FTC Consumer Update: Is Your Child A Victim Of Identity Theft?


Federal Trade Commission Consumer Information
by Carol Kando-Pineda
Attorney, Federal Trade Commission

Right about now is the time when many of us are searching for scholarships and financial aid for our college-bound kids. Or maybe Junior is interviewing for his first job – or Muffy is buying her first car. In the middle of the paperwork, you might get a nasty surprise: your child’s credit report shows unpaid bills and a loan default. What? My child’s credit report? Children and young teens aren’t even legally able to open credit accounts on their own; you wouldn’t expect them to have a credit report. So what happened? Most likely, it’s identity theft.
A child's Social Security number can be used by identity thieves to apply for government benefits and tax refunds, open bank and credit card accounts, apply for a loan or utility service, or rent a place to live. The best way to know if your child’s information is being misused is to check for a credit report. Even if you don’t suspect identity theft, it’s a good idea to see if there is a credit file on your child. Do a check at their 16th birthday. And if needed, take action immediately.
 

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