Protect Your Child’s Financial Identity with a Credit Freeze
While the stockings are hung and the last of the gifts are readied for Christmas Day, have you thought about the gift of identity protection for your child(ren)?
It’s not the most cheerful gift to consider, but between the number of breaches in the health care market this year and the recent hack at VTech that exposed 6.4 million children’s information and pictures it’s a sad reality that your child’s identity could be compromised.
Child identity theft is the theft of a child’s personally identifiable information (e.g. full name, date of birth, address, Social Security number, etc.). This type of identity theft is especially destructive because a child’s credit is rarely monitored and theft is often not detected for years until the child tries to establish their own credit.
So, how can you protect your child(ren)? Act now, and freeze their credit! This will prevent anyone from establishing and/or using your child’s information. The freeze would remain in place until the parent/guardian or child contacts the credit bureau(s) directly and “thaws” the credit profile.
- Equifax recently announced that it will allow parents/guardians in all 50 states to place a freeze on a child’s credit. You can learn more about the process with Equifax here.
- You can freeze your child’s credit profile through TransUnion if you live in one of the 18 states that have enacted a law to allow such. You can learn more about the process with TransUnion here.
- Experian will also allow you to protect your child’s credit profile. You can learn more about the process with Experian here.
To learn more about freezing your own credit, check out our blog, Protect Your Identity with 3 Simple Steps.