Protecting your child from crimes of identity theft!
From bicycle helmets, safe surroundings, to healthy meals, parents try to protect their children in every way possible. Unfortunately, a very real threat falls by the wayside: child identity theft. No matter how safe your neighborhood, school, and home is, identity theft is a silent danger that can go undetected for years.
Children are uniquely vulnerable to identity theft in the fact that their financial history is a blank slate and they never check their credit score. Such an incident can prevent them from obtaining student loans, employment or housing, and burdening them with many other troubles. As parents, it’s possible to protect them from identity theft. Read on for tips:
Social Security Number
This number is the key to your child’s identity, and thieves often use this to unlock many financial doors. Once data has been stolen, a criminal can use it to get a cell phone, a credit card, bank loan, and even health insurance – all under your child’s name.
To decrease the likelihood of a crime, limit the number of people who you give the number to. Some organization forms require an SSN, but parents should be diligent and ask why it’s needed and what it’ll be used for. In addition, for forms that are being sent off via post, take the envelope to the post office instead of leaving it in the mailbox for pickup.
Opening First Bank Account
Your child’s first bank account is a smart place to deposit savings bonds or checks from generous grandparents, but saving accounts can invite identity theft.
Make sure that the account is joint so that no one can access it without your approval. Opting out of marketing materials means that your child won’t receive credit offers in the mail. If an identity thief sees that your toddler has a line of credit offer in the mailbox, they may simply fill out the form and receive a wealth of available credit!
Luckily, there are additional ways to increase your child’s protection! Identity theft insurance is an accessible way to ensure that your child doesn’t face hardship because of misuse of their details.
Contact Humble & Davenport Insurance in Renton, Washington for all of your insurance needs!