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With fraud on the rise, experts suggest freezing your child’s credit


As fraud numbers continue to increase, identity protection experts are urging parents to freeze their child's credit to avoid a lifetime of financial headaches.

According to the Federal Trade Commission, identity fraud incidents increased around 45% in 2020, with children frequently the target.

James Lee, the COO for the Identity Theft Resource Center, a nonprofit focused on helping people with identity crimes, said it's more important than ever for parents to consider freezing their children's credit because in many cases a child's social security number is more valuable than the parent's information.

"Because think of (it) this way, it's clean, it's never been used," Lee said. "So, an identity thief who obtains a child's information can use it for a decade or more before anybody realizes that there's something wrong."

He said often the first time you figure out your child's social security number is compromised is when they apply for college.

Lee said if the fraud has been going on for decades, it can have lifelong consequences for your child and be very difficult to fix.

To get more info on how to freeze your child's credit, click here.

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Saturday, 18 May 2024

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