Parenthood is rife with worries about school grades, summer camps, chicken pox, college savings and flu vaccines. But even the best parents overlook the threat of child ID theft—and it’s the threat that could have a biggest impact on a child’s future.
At least one child of every 20 has a file with one of the major credit reporting agencies, meaning someone has used that child’s personal information to apply for credit, according to Javelin Strategy and Research. Credit records are established using the first birth date submitted with a credit application, so ID thieves don’t have to worry about being questioned about their ages.
There are a number of reasons it’s easy and profitable to engage in child ID theft: (more…)