How To Protect Your Children From Identity Theft

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We wanted to share this great article from the Wall Street Journal, “New on Parents’ To-Do List: Checking Children’s Credit History”.  In it you will find some important resources for protecting your children from identity theft.  Experian estimates that identity theft will affect one in four children before they become an adult.  It’s important to stay on top of this, as you don’t want to find out there is an issue with credit just as your child goes to apply for a student loan.

While the entire article is worth a read, below are the Steps for Parents the authors outline once the new law goes into effect on September 21st:

STEPS FOR PARENTS

  • Go to https://identitytheft.gov/Steps, scroll down and click on the Child Identity Theft section, under Special Forms of Identity Theft.
  • That section has instructions on how to find out if your child has a credit report. Most young children shouldn’t have credit files.
  • The webpage includes contact information for credit agencies and how to freeze credit.
  • Some experts recommend parents create a credit file for their children and freeze it, because the system is built on the idea that the first person to create a file is that person.
  • Keep the record of freezes in a safe place, so the child or a guardian can find it when needed.

 

Click below to read the full article:

https://www.wsj.com/articles/new-on-parents-to-do-list-checking-childrens-credit-history-1535457603?mod=hp_lead_pos9

 

By | 2018-08-28T17:43:37+00:00 August 28th, 2018|Categories: Family Planning, General Planning, Single Point of View|Tags: |0 Comments

About the Author:

Shaun Erickson
My clients utilize me as a partner to help them feel confident in the decisions they make in life. An ideal client for me is someone who is looking for advice beyond the allocation and management of their liquid investment portfolio. As a finance major at Bentley College I began to build skills that allow me to help my clients understand the financial impact of their decisions. For 11 years at Baystate Financial, starting in 2001, I developed an understanding of the practice of financial planning. In 2012, I was driven to found Single Point to build a firm that was focused on the agenda of my clients. The name of our company was born from the idea of being a "single point of contact" for our clients. I recognize that I do not have all of the answers, therefore, we have built our business around a great network of experts and resources for our clients. We place an important focus on researching, vetting, and collaborating with various professionals and services for our clients. When I don't have the answer, I pride myself on knowing the right questions to ask, and who to ask them of. As an active member of Financial Planning Associations of MA, I am involved with their pro-bono programs with Dana Farber Cancer Institute and The Midas Collaborative. My clients are spread across the country, but I live in Boston with my wife Alicia and our three children.

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