$2.67 billion. That’s the complete quantity of losses American youngsters and their households confronted after having their identities stolen. What’s even worse? That quantity solely accounts for the losses in 2017. 

Javelin Technique & Analysis estimates that one in 50 American youngsters have been victims of id fraud and one in 45 had private info uncovered in an information breach in 2020. The analysis group additionally estimates that American households face no less than $1 billion in losses every year because of their youngster’s id being stolen. 

With a attainable recession on the horizon (in line with some monetary consultants), the variety of stolen identities will solely enhance. 

“Identification theft is among the most important monetary harms on this nation,” Eva Velasquez, president and CEO of Identification Theft Useful resource Middle, mentioned. “To not create worry mongering, however it’s a concern and it’s one thing that folks ought to concentrate on.” 

It’s one thing mother and father ought to concentrate on as a result of criminals have stolen youngsters’s identities to take out bank cards even though one can’t legally take out a bank card with out being no less than 18 years outdated. 

Though ​​the Financial Development, Regulatory Reduction, and Shopper Safety Act, a invoice signed into legislation in 2018, enhances shopper protections — id theft amongst youngsters continues to extend. 

“Identification theft is a problem for fogeys to know as a result of we don’t know it may possibly have an effect on youngsters, however youngsters have id credentials,” mentioned Velasquez, whose nonprofit gives free help and recommendation to victims of id theft.

Velasquez, who has labored with numerous victims and their households, mentioned there are a variety of tales that stand out to her. 

“There was a younger woman who was attempting to get pupil loans and got here to search out out her credit score file had been misused for over a decade,” Velasquez mentioned. “It took three years to get all the things cleaned up. This younger woman needed to wait three years to go to school to additional her schooling.” 

One other time, a girl turned to the Identification Theft Useful resource Middle for steerage after her mom had misused her credit score for the second time. 

“There have been monetary implications and there was emotional trauma for this younger lady,” Velasquez mentioned. 

Though there are various tales of id theft, there’s a technique mother and father can defend their youngsters from being the subsequent sufferer — by freezing their credit score with every of the three credit score bureaus. By freezing your youngster’s credit score, criminals are unable to open bank cards beneath your youngster’s title. The kids may have the flexibility to unfreeze their credit score as adults or when they’re prepared. 

“There are strong steps to scale back the chance,” Velasquez mentioned. “It’s a tedious course of, however it’s straightforward to do.” 

Right here’s learn how to freeze your youngster’s credit score:

1. Collect all the required delivery paperwork on your youngster, together with delivery certificates and social safety card. Additionally, you will want to indicate your identification or different proof indicating you’re the authorized guardian of the kid. The bureaus can also ask for proof of residency or your social safety guard.
2. Go to every of the web sites for the three main credit score bureaus — ​​Experian, Equifax and TransUnion — to print the required kinds to request a credit score freeze. Every bureau could have completely different necessities so that you wish to learn each fastidiously.
3. Snail mail the kinds and paperwork, however don’t simply go away it out for the mail service. Velasquez recommends dropping it off immediately on the publish workplace to forestall id theft.
4. As soon as your youngster’s credit score is freezed, every credit score bureau will snail-mail you a affirmation. Maintain this affirmation in a protected place as you’ll need this to unfreeze the credit score. Velasquez recommends telling a trusted grownup the place these paperwork are within the case one thing occurs to you.

Lastly, when you’re confused concerning the course of otherwise you’re the sufferer of id theft, Velasquez urges you to name the Identification Theft Useful resource Middle for assist.

“Don’t be embarrassed to ask for assist,” Velasquez mentioned. “This can be a actually sophisticated area, and it’s OK to ask for assist.”

For extra details about the Identification Theft Useful resource Middle, go to idtheftcenter.org.