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-- identity theft now we -- think the identity theft -- most likely thing to protecting yourself not your kids or your grandkids.
But it turned out children are 51 times more likely than adults to have their Social Security number stolen.
John -- all of the data privacy expert and founder of think like a -- dot com John thanks for helping us out here at said fascinating topic.
You say the kids are very likely to be -- why is that.
Well -- think about it kids have pristine credit they've it's never been touched many credit do today.
Well here's what they do they -- be build it they plan to seat in they cultivated over years they've got ten or fifteen years.
To -- to utilize this so they have plenty of time to build it up.
So the kids have the building blocks of a credit score which would be -- social security and name.
Maybe a birth certificate and so these themes come in and they take this information and they build a whole credit history around it right.
They do and then they go out utilize -- and of course think of -- are you I'm monitoring our kids all credit actively probably not.
Now when nobody thinks of that so how -- how would I know that this is even happening.
Well that that's the tough thing -- is it's very difficult for us to know that it is happening sometimes.
Kids go 1012.
Years before their parents figure -- out.
The number one not sign is that they get a credit card application in the mail or -- creditors or even -- enforcement's coming after him it's it's just an outrage.
You know I've heard dogs getting credit card offers in the mail -- it seriously it's -- out of control so here's your list.
You get mailings -- built collection notices in the mail for your child.
The child has trouble opening -- savings account which should be easy easy.
What about credit score and bureau -- what does that mean.
So win win and it credit file is established for child because they have nothing -- means that.
They now have something if there is any credit there on your child even header file which means their -- their date of birth.
You need to investigate there's something wrong wow okay.
How -- look at you know 51 times more likely that's -- number I read the opening here but really how common is it.
OK so -- that Carnegie Mellon study that you're citing they looked at 40000.
Each child identities that's a lot.
Ten point 2% of those had already been affected by identity theft it's incredibly common and you know it it it makes me wonder -- as parents and as as a community are we gonna be outraged enough to actually do something in and legislate well it's a nightmare you -- child's financial life would be over before it starts.
-- credit would be -- as we know.
Fix your credit can be a multiple year extravaganza.
Yet you know identity theft is the the gift that keeps on giving in my case it was 67 years ago.
I still fight it on a monthly basis so yes once you have -- that's why it's so important.
Don't try and recover from it just prevent.
Tell me what how a child could suffer over time.
Yeah that you get ready to go to college and now you've been earning money so to speak all the jurors -- yet.
And undocumented worker has been using your Social Security number so you've been earning money and you go to get financially -- credit you've got.
You've got an -- history there you don't get the financial -- you go for an apartment you have bad totally destroyed credit you go to.
To get a job they do a background check you've got a criminal history you go into the hospital and they've been using your medical identity you've got a different blood type I mean it's it's.
That is insidious and shocking and I'm amazed -- if -- can tell parents one thing tonight what would it be.
Number one thing is very common sense which is beware what you share.
Simply think of your child's privacy as a bank account it starts full.
And as you give that information away on their on your child as they give it away on FaceBook and social media.
You're drying up bank account down and if you do it too quickly or too much -- gonna break the bank -- where what you share that is the take away tonight John thank you.
Appreciate your time tonight always a pleasure Gerri thank.
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