Is Someone Trying to Steal Your Child’s Identity?

Child Identity Theft

About 10 percent of all children have been the victims of identity theft.  Surprised?

You shouldn’t be. To identity thieves, a child’s social security number represents a blank slate, and it’s a slate most parents don’t think to check…but they should. 

If you are a parent of a minor child, please don’t ignore the following:

  1. Debt collection calls or letters that target your child
  2. Credit card offers in your child’s name
  3. Notices for the IRS stating your child didn’t pay taxes

If you have received any of these items, it may not necessarily mean that your child’s identity has been stolen, but consider them HUGE “red flags.”

Check his or her credit report.

This process is not as simple as checking your own credit, but you should go to the websites of the three major credit bureaus (Experian, Equifax and TransUnion) to find out what’s required. You may find that your child does not have a credit report, and that’s a good thing. How often should you check? You should check at least once every two years, or more often if you’re confronted with one or more of the above red flags.

If you do find your child has a credit report, freeze it immediately. This will keep an identity thief from taking out
credit in your child’s name. To freeze a credit report, call one of the three major credit bureaus: Equifax, 1-800-349-9960; Experian,
1-888-397-3742; and TransUnion, 1-888-909-8872. They’ll charge about $10 to do this, but it’s money well spent. 

For the answers to many of your questions about freezing credit reports, check out this Federal Trade Commission fact sheet: https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs: 

Jayne Di Vincenzo, AIF®, CEP®
President
Lions Bridge Financial Advisors

757-599-9111

Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.

Jayne Di Vincenzo, AIF®, CEP®: Jayne is a Chairman’s Club-level advisor -- ranked among the top 6 percent of the more than 14,000 advisors at LPL Financial, based on production -- and has earned the designations of Accredited Investment Fiduciary (AIF®) and Certified Estate Planner (CEP®). Through LPL Financial, Jayne holds several securities registrations, including Securities Principal Series 24, Series 53 Municipal Principal, Series 7 general securities, Series 31 managed futures, Series 65 and 63 combined life, long-term care and health insurance licenses. She has worked in financial services for nearly 20 years.