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Imagine your child applying for a student loan or their first credit card and getting turned down—because they already have bad credit. It happens more often than you might think.
Research firm Javelin found that 915,000 U.S. families experienced child identity fraud in 2022, a decline from 1.25 million the previous year. Children younger than 7 years old were the most likely to be victims of ID theft and ID fraud.
The reason that children make especially inviting targets for identity thieves is because blemishes on their credit history can go undetected for years. How many parents think of checking their 8-year-old’s credit report? Likely none... because they shouldn’t have a credit file in the first place.
But parents can fight back. Here’s what to know about child identity theft so you can recognize it, avoid it and be ready if it happens.
These red flags could be a sign that someone has stolen your child’s personal information:
Keep these strategies in mind to help protect your child’s identity:
A credit freeze can make it tougher for identity thieves to open accounts in your child’s name, and recent legislation made protection even easier: Parents of kids under 16 can freeze their child’s credit for free. But remember to lift the freeze before your child applies for loans or other types of credit and new accounts so they won’t get a hit to their credit scores.
Just as you would safeguard your child’s birth certificate, store any documents that show the number (including the actual Social Security cards) in a secure place and shred before throwing away. Also, don’t give out your child’s SSN unless you know the person has a legitimate need for it (your accountant filing your tax returns, for example). If you’re not sure why someone would need your child’s Social Security card, ask.
All the places that collect personal information about your child—schools, doctor offices and even sports teams—should have privacy policies that spell out how they’ll use and protect your child’s personal information. Ensure you read and understand these policies, and ask questions if there’s anything you’re not sure about.
If you’ve never checked to see if your child has a credit report, it’s smart to do so by at least age 16. That gives you time to fix any errors from child identity theft before your child turns 18 and starts applying for credit of their own.
A credit monitoring service like ProtectMyID can help (and AAA Members get special pricing). It comes with Child Identity Monitoring, which looks for your child’s name and Social Security number on websites known for illegally buying and selling personal information. It also scans your child’s social media accounts for signs of child identity theft and lets you know if any risks to their privacy or reputation are spotted.
Here are some steps to take if your child’s identity is stolen:
If you experience child identity theft and have ProtectMyID, you’ll receive step-by-step help from a fraud resolution agent to restore the child’s identity. It’s a little peace of mind that will go a long way toward putting your life back to normal.
Be vigilant
Explore ProtectMyID’s Deluxe and Platinum levels of coverage, both of which offer Child Identity Monitoring. Safeguard your family members today.
This information is being provided for general informational purposes only. The Auto Club Group does not assume any liability in connection with providing this information.
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We may change APRs, fees, and other Account terms in the future based on your experience with ACG Card Services and its affiliates as provided under the Cardmember Agreement and applicable law.
1Cash back can be redeemed in the form of a statement credit or ACH deposit ($25 cash back minimum redemption). Cash back is not earned on business related transactions or activities. You may not redeem cash back, and you will immediately lose all of your cash back, if your account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Cash back will expire at 11:00 p.m. Central Time on the last day of the calendar quarter that is five (5) years from the date on which they are earned. Account must be open and in good standing to earn and redeem rewards and benefits. Upon approval, please refer to your Cardmember Agreement for additional information. Cash back is earned on eligible net purchases. Net purchases are purchases minus credits and returns. Not all transactions are eligible to earn cash back, such as Advances, Balance Transfers, and Convenience Checks and other advance transactions as defined in the Cardmember Agreement, as well as interest charges and fees do not qualify. U.S. Bank cannot control how merchants classify their business or transactions and reserves the right to determine which Purchases will qualify in which category. Earn 2% per dollar for qualifying net purchases made with the card through any participating AAA Club when AAA is the merchant of record, on qualifying net insurance purchases (MCC = 6300) and at eligible retail travel merchants. AAA Clubs located in Northern California, Nevada and Utah are not participating AAA Clubs and purchases made at those clubs will not qualify for 2%. Earn 4% per dollar for qualifying net purchases on AAA purchases, travel and insurance for your first 6 months up to $6,000. After that, earn cash back in the standard 2% category. Foreign Transaction Fee: None.
2 Benefits are subject to terms, conditions, and limitations on the amount of coverage. Travel and Emergency Assistance Services help in coordinating medical, legal and travel services while away from home. Rental Collision Damage Waiver coverage and peace of mind for damage due to collision or theft of most rental cars. Certain terms and conditions apply. Please refer to your Visa Guide to Benefits for details
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*Annual Percentage Yield (APY) is valid as of 11/26/2024. Personal accounts only. Rates are variable and may change without prior notice. $100 minimum balance to open and avoid fees. Fees may reduce earnings. $250,000 maximum opening deposit when account is opened online. After online opening deposit is verified, you may deposit additional funds to your account. $500,000 maximum balance. Auto Club Trust, FSB.
**Annual Percentage Yield (APY) is accurate as of 11/26/2024. Rates are variable and may change without prior notice. Interest rates are fixed until initial maturity after the account is opened. A $1,500 minimum deposit to open the account and obtain the APY is required. A penalty may be imposed for early withdrawal. Fees may reduce earnings. Personal accounts only.
†Annual Percentage Rate (APR). Rates and terms effective as of 10/11/2024. APR is accurate as of 10/11/2024. Advertised rates and terms are subject to change without prior notice. Additional terms and restrictions may apply. Other loan rates available. Subject to borrower qualification. Advertised rate includes a 0.25% discount when you set up automatic payments from any checking or savings account. Rate is variable. Offer valid on personal vehicle loans only. Criteria to receive the stated APR: Loan term 48 months or less new or used, model year 2018 – 2024 with a credit score of 720 or higher based on the Vantage scoring model. Buyer is responsible for all state or local fees. Auto Club Trust, FSB uses a managed credit program and final APR is dependent on your credit score. An auto loan with an APR of 5.49% for a $20,000 loan at a term of 48 months, your estimated monthly payment would be $465. An auto loan with an APR of 5.74% for a $20,000 loan at a term of 48 months, your estimated payment would be $467. Private party sales will not be financed.
††Terms and Conditions apply. Offer valid for loans on vehicles purchased through the AAA Auto Buying Program from a TrueCar, Inc. (TrueCar) Certified Dealer; and approved and funded by Auto Club Trust, FSB. Applicant must submit the Member Price Summary provided by TrueCar during the application process. Must be an active AAA member to receive the additional TrueCar discounted rate. Loans offered by Auto Club Trust, FSB. Equal Opportunity Lender.
Member Savings currently not available in all states. In these states a "Target Price" is presented, which reflects a market-based example of what you can reasonably expect to pay for a vehicle configured with your desired options. Your configured vehicle may not be available or in-stock at the Certified Dealer.
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Products are offered by Auto Club Trust, FSB. Equal Credit Opportunity Lender.
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