Identity Theft: How Parents' Actions Impact Children's Credit Scores
Child identity theft, where parents steal their children's identities to access debt, is a widespread problem that can have devastating consequences for the victims. Studies have shown that children are 51 times more likely to fall victim to identity theft than adults. In many cases, the perpetrator is someone the child knows personally, such as a parent or relative. The motivation behind these crimes is often financial desperation or addiction issues. Victims of child identity theft face the unique dilemma of reporting their parents for committing a crime or being held responsible for their parent's fraudulent spending. Authorities should take more action to prevent child identity theft, such as defaulting to locked credit and personal information.