Experts are warning parents and saying it’s never too early to start freezing your child’s credit.
The simple move can help your child avoid having bad credit in the future.
Criminals stealing a child’s identity is more common than you might think.
A new study shows 1.3 million children have their identities compromised every year.
Experts recommend freezing your child’s account the minute they’re born.
The safest thing to do is to keep it frozen until they turn 18 years old.
One expert, Sergeant Michael Warren, said a child’s I.D. is gold once someone gets a hold of it.
Also, it’s as easy as getting a child’s social security number.
“The bad guy gets ahold of your kid’s identity and they set up accounts,” Sgt. Michael Warren. “Whether it be cable accounts, phone accounts, credit card accounts. And, they can run these for years going unnoticed.”
Freezing the account will decline any access that someone with bad intentions is trying to get ahold of.
The step is as easy as calling one of the three credit unions and can cost you just $7.
The Federal Trade Commission reported close to 14,000 cases in 2017 and more than 15,000 cases in 2016.
And according to an article posted by MoneyTips, one in four kids will be victims of I.D. fraud before the age of 18.
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