August 05, 2010

• Children Under Attack, Pt.3
     Repairing the situation.

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  Have you ever received those pre-approved credit card applications? If you have, it's because you already have credit established. Has your child ever received one of those pre-approved credit card applications? If they have it's because they already have credit established in their name. That means an identity thief has gotten a hold of your child's Social Security Number (SSN) and has established credit. Most likely they have been working on opening several credit card accounts and then plan on running up the max on cash advance and high ticket merchandise. If your child receives one of these pre-approved card applications, check their credit history immediately and report any illegal activities to the authorities.

  After you have notified the proper authority, the next step is to notify the three major credit history reporting bureaus, TransUnion, Equifax, and Experian. Ask these companies to put a freeze on your child's account. This means that before any individual or company looking to establish any credit including consumer loans and credit card accounts in your child's name and asking to view his credit history, will need to get permission from you. This service is available for a small fee and is offered to any individual. You should be aware that if you choose to place a freeze on your account, if you attempt to secure any loan, open a new credit card account, or conduct a number of other transactions it will slow the process down some since you'll need to contact each of the three credit reporting bureaus to release the freeze before the potential creditor is allowed access.

  If you should discover that your child's SSN has been stolen and used extensively by thieves to establish loans and credit card accounts, you can choose to apply for a new SSN for your child. If you do so, it is important that you take precaution to assure all accounts leading back to the original SSN is closed and the number is suspended to prevent any difficulties for your child as an adult.
  
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