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Growing Child Identity Theft is Much Higher Than Adults !

submitted on October 12, 2011 by HouTex in "Member's Lounge"
I found the content of these reports from several sources shocking ! Eeek
http://www.mainstreet.com/arti.....=AD|FB|MST
http://www.mainstreet.com/arti.....rgets-kids
http://news.consumerreports.or.....oblem.html
http://www.creditcards.com/cre.....t-1282.php

Last year the FBI discovered that hundreds of online businesses were using computers to find dormant Social Security numbers, usually those assigned to children who don't use them, so they could sell them under another name to help people establish phony credit and run up huge debts they will never pay off. This can mark those children as poor risks for lenders, and they will have trouble getting credit cards, auto loans or mortgages when they get older.

According to research conducted by identity theft protection service AllClear ID and consulting group Carnegie Mellon Cylab, children’s Social Security numbers are 51 times more likely to be stolen than an adult’s.

Researchers say the primary drivers for such attacks are illegal immigration (to obtain false IDs for employment), organized crime (to engage in financial fraud) and to circumvent bad credit ratings.

The report says kids are increasingly becoming the target of fraudsters because those crimes go unnoticed for many years and are usually not detected until the child attempts to obtain credit for something.



Parents should be on alert for signs of child ID theft:
1. getting pre-approved credit card offers in their name by mail
2. debt collection calls for your child

Children should not have a credit report before age 18 because kids can't legally contract for credit. If they do, it could be the result of fraud. The only exception is if a child is an authorized user on a parent's credit card.
     

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