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Underage Credit Card Holder
[05:30:11 AM Thursday, September 20, 2007]
When somebody uses your personal information in his/her own interests, it is always more than just frustrating. You might happen to have big debts (let's say, $20'000) with 20 credit cards by the time you just graduate from school. What can be worse than that?
According to Federal Trade Commission, child identity theft is booming and booming. Individuals under 18 suffer from this problem. That's a fact.
Modern process of credit card application is simple as a, b, c. So simple that even a 6 year old child can manage it. Why? Minimum information is needed to issue credit cards. It just takes one criminal to get your social security number or ID, and you are in trouble.
The only fact that one can live under your name just having stolen your ID is horrifying. Nowadays even a toddler can get a social security number; therefore, a problem of identity theft is becoming more critical. Parents who are eligible for tax deduction need to get social security numbers for their children.
Until the first credit account is opened, financial institutions do not start person's credit history. At the same time parents hardly ever check if there are any reports at all. As a result, the thief is provided with a unique opportunity! Moreover, he has got enough time to open bank accounts, apply for credit cards and stay secret.
Believe it or not, not only criminals have been detected to be involved in such criminal practice. Sometimes, when parents find themselves deep in debts as well as with bad credit history; they forge documents and use their children's social security numbers to obtain more loans.
Having an early start on credit history is a good idea. According to financial advisors, such tactics will enable the grown-up children to receive favorable terms when getting a loan or credit card deal.
Taking all in consideration, it is obvious how significant social security number is. What needs to be done in order to prevent child identity theft? There are fraud alert systems. Also a parent may put a credit freeze on the report of a child so that potential criminals will not be able to obtain any loans or cards.
All in all, financial part of our life requires responsibility. If a child is considered not mature enough to vote, to drink, is he/she mature enough to borrow money? Keeping an eye on your child's credit report is a good advice. Believe me.
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