As fraud numbers continue to increase, identity protection experts are urging parents to freeze their child’s credit to avoid a lifetime of financial headaches.
According to the Federal Trade Commission, identity fraud incidents increased around 45% in 2020, with children frequently the target.
James Lee, the COO for the Identity Theft Resource Center, a nonprofit focused on helping people with identity crimes, said it’s more important than ever for parents to consider freezing their children’s credit because in many cases a child’s social security number is more valuable than the parent’s information.