Child Identity Theft

Child identity theft is a growing problem. The Federal Trade Commission estimates that there are 500,000 new victims every year. The culprits are often parents or others who have direct access to the child’s Social Security number.

(In my own experience, I’ve had to give out my children’s Social Security numbers to hospitals, insurers, and schools more than I can count.) When irresponsible parents apply for credit in their children’s names due to existing financial hardships, the soiling of their credit begins.

Jason Truxel was denied a mortgage because of bad credit. He had no idea that his credit scores were low, so he pulled his credit reports. He discovered a tremendous amount of debt, and accounts he had never opened. One such account showed that a credit card had been opened in his name when he was 13 years old. Jason found out the hard way that he was a…

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