Protecting Children from Identity Theft
When it comes to identity fraud, we generally assume that our young children are safe. However, according to the Federal Trade Commission, consumers filed 14,000 complaints of identity theft targeting minors (ages 19 and younger), representing 3.7% of the complaints for all age groups. The problem stems from stolen Social Security numbers which allows criminals to create fake identifies and open credit cards, obtain loans, etc. Fortunately, a new federal law that takes effect on September 21 allows parents to check their children’s credit reports by contacting the three major credit reporting agencies (TransUnion, Experian and Equifax). Since most young children should not have an open credit file, this may be an identity theft red flag. Parents can also consult the FTC’s website at IdentityTheft.org for steps on freezing credit files and work with the credit reporting agencies to freeze the account, open a new file or pursue other options.
Contact my associate Jeff Monteiro @ [email protected] if you would like to schedule a conversation to talk more about which tax or retirement strategy is best for you.
DISCLAIMER: This memorandum was produced by Summit Financial Resources, Inc., which provides financial planning services. Securities and investment advisory services are offered through Summit Equities, Inc., Member FINRA/SIPC. 4 Campus Drive, Parsippany, New Jersey 07054. Phone: 973-285- 3600, Fax: 973-285-3666. This memorandum is for your information and guidance and is not intended as legal or tax advice. Legal and/or tax counsel should be consulted before any action is taken. 20180914-808