Are you Sure Your Child’s Credit History Is Secure?

 

Modern technologies and the Internet have become a great convenience for making payments, buying goods, paying bills and transferring personal data. But in addition to their safety in such actions, you need to think about the safety of your children. If you began to receive letters from banks with offers of credit products or, for example, loyalty programs from airlines, in the name of your child, this is the first call that a child’s credit history may be threatened. It may be worth contacting the credit bureaus for clarification.

 

“Synthetic” identity theft

"Synthetic" identity theft

Criminals target children because they are like a clean slate. They have a clean reputation, no credit history and no social security numbers. Experts now see a big problem in the so-called “synthetic” thefts – this is when the offender uses the child social security number, but with a different date of birth, name and address. So they can pretend to be a solvent person with such social number. insurance.

Parents should be especially careful when transferring data about the child during the organization of school events, the purchase of uniforms, school registration and others. In places where a child’s personal data may be stolen.

In the United States and in many countries of Europe it is widely practiced that parents freeze their children’s credit account.

 

Such a tool has become a good protection against identity theft.

Such a tool has become a good protection against identity theft.

Criminals use data to buy real estate, open new credit lines, rent a car and even claim medical and state benefits. According to the International Center for Assistance to Victims of ITRC Identity Theft, children are 51 times more likely to be attacked than adults. Another study found that one in 10 children had stolen personal data.
Such a crime is worse by the fact that it is sometimes possible to identify it after a few years. If you do not periodically check the child’s credit history, you may not notice the fact of missing data. And then, when your child, being an adult, tries to take a loan, it may turn out that he is already 35 years old and he has a default on a mortgage loan.

Such stories often happen abroad. But, perhaps in our country, such cases will receive a great response. Therefore, it is best to always be careful and attentive when it comes to the transfer of personal data.

In America, in many states there is a practice of freezing a line of credit for a child. This provides good protection for a minor’s credit history. Even if the attacker gets his data, he will not be able to issue a loan using this information.

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