Identity theft is a growing concern, especially for children who may be more vulnerable than we realize. In the first three quarters of 2024, there were over 726,000 reported cases of identity theft, with 2% involving minors under 19 years old. This alarming statistic highlights the importance of being proactive in safeguarding your child's identity. One of the primary ways thieves exploit children is through their Social Security numbers, allowing them to create synthetic identities that can lead to financial ruin. Parents should take immediate steps to check if their child has a credit report, which ideally should not exist unless they have been added as authorized users on accounts. If a report is found, freezing their credit is essential to prevent any unauthorized use. Additionally, parents can initiate a credit freeze even if no report exists, providing an extra layer of security. Knowing how to act swiftly can protect your child's future financial health.
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