HomeBusinessParents Stealing Their Children's...

Parents Stealing Their Children’s Identities: The Devastating Impact on Credit Scores

Free Subscribtion

Identity theft is a serious and rapidly growing crime that can have significant consequences for its victims. While we often think of identity thieves as anonymous hackers, a shocking reality is that the perpetrators can be much closer to home. In some cases, it’s the parents themselves who are stealing their children’s identities, wreaking havoc on their credit scores and financial futures.

In this article, we will delve into the alarming trend of parents committing identity theft against their own children. We will explore the devastating impact this crime has on credit scores and provide actionable steps for victims to repair their credit and protect themselves from future fraud.

The Widespread Problem of Child Identity Theft

Child identity theft is a pervasive issue that continues to affect countless families. A landmark study by Carnegie Mellon CyLab found that children are uniquely vulnerable to identity theft, with 10% of the children analyzed having someone else using their Social Security number. This means that children are 51 times more likely to fall victim to identity theft than adults.

One in 50 U.S. children falls victim to identity theft every year, according to a study by Javelin Strategy. What is even more alarming is that 73% of these victims are targeted by someone they know personally, often a family member. The close relationship between the perpetrator and the victim makes it even more challenging to address this issue.

The Shocking Reality: Parents as Identity Thieves

It is a heartbreaking truth that parents, who should be the protectors of their children, can become the perpetrators of identity theft. The story of Axton Betz-Hamilton is a prime example of this disturbing phenomenon. When Betz-Hamilton set up her first utility bill at college, she discovered that her credit rating had been destroyed due to identity theft. To her shock, she found that her own mother was behind the fraudulent credit card entries that had plagued her credit history since she was 11 years old.

The motives behind parents committing identity theft vary. In some cases, families facing dire financial circumstances or grappling with addiction resort to stealing their children’s identities to access clean Social Security numbers. Parents may also be driven by a desire to maintain an illusion of wealth and impress others with material possessions.

- Advertisement -

The Emotional Consequences for Victims

Discovering that your own parents have stolen your identity can lead to a barrage of emotions. Betrayal, anger, and confusion are common reactions for victims. The sense of trust and security within the family unit is shattered, leaving victims to grapple with the emotional fallout of the crime.

One anonymous victim shared her experience of finding out about her mother’s identity theft when she was a junior in college. She described the struggle of confronting her mother, fearing retaliation and the potential damage it could cause to their relationship. The emotional toll of such a revelation is immense, and it takes time for victims to process their emotions and come to terms with the actions of their parents.

The Financial Impact on Credit Scores

Identity theft has a severe and lasting impact on victims’ credit scores. Betz-Hamilton’s credit score plummeted to 380, well below the average American FICO score of 714. Repairing the damage to her credit took significant time and financial resources. She had to start by obtaining a credit card from a subprime lender with exorbitant interest rates and a low credit limit. Even securing a car loan became a challenge, with high-interest rates making it akin to putting a used car on a credit card.

The financial consequences of parents stealing their children’s identities extend beyond the immediate damage to credit scores. Victims may find it difficult to secure loans, credit cards, or even rent an apartment due to their tarnished credit history. The impact on their financial future can be long-lasting and hinder their ability to achieve financial stability.

Steps to Repair Credit and Protect Against Future Fraud

If you have discovered that your parents have committed identity theft and damaged your credit, it’s essential to take action to repair the damage and protect yourself from future fraud. Here are the steps you should follow:

1. Review your credit history

To understand the extent of the damage, request your credit reports from the three major consumer credit bureaus: Equifax, Experian, and TransUnion. You are entitled to one free credit report from each bureau per year, and you can obtain them through AnnualCreditReport.com. Go through your credit reports carefully, noting all fraudulent accounts that you did not open.

2. Report the identity theft

Reporting the identity theft is a crucial step in rectifying the situation. By law, you can have fraudulent accounts removed from your credit report, and many states have laws protecting consumers from liability for debts incurred through identity theft. To support your claim, file an identity theft report online at IdentityTheft.gov. This report will serve as documentation when disputing fraudulent accounts with creditors and credit bureaus.

3. Notify credit bureaus and creditors

Contact the credit bureaus, Equifax, Experian, and TransUnion, to inform them of the fraudulent accounts. File disputes online and provide your identity theft report as evidence. While the credit bureaus are obligated to inform creditors about fraudulent accounts, it’s also advisable to contact each creditor directly to expedite the process of shutting down the accounts.

4. Protect yourself from future fraud

Safeguarding your personal information is crucial to prevent future identity theft. Consider freezing your credit, which blocks unauthorized access to your credit report. This prevents potential creditors, including your parents, from opening new accounts in your name. Freezing your credit is free and can be done online through each credit bureau’s website.

Another protective measure is setting up a credit fraud alert with the credit bureaus. This adds an extra layer of security, requiring creditors to verify your identity before approving any new credit applications. Additionally, regularly monitor your credit reports for any suspicious activity and be vigilant about protecting your personal information.

Conclusion

Discovering that your parents have stolen your identity is a devastating revelation that can have far-reaching consequences. The emotional and financial impact can be overwhelming. However, by taking immediate action to repair your credit, report the identity theft, and protect yourself from future fraud, you can regain control of your financial future. Remember, you are not alone in this struggle, and there are resources available to support you in the process of recovery. Stay vigilant, protect your personal information, and seek assistance from professionals if needed.

― ADVERTISEMENT ―

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular News

Killers of the Flower Moon Review: A Gripping Tale of Murder and Greed

In the early 1920s, a reign of terror swept through the...

How Tesla Owners are Maximizing the New Button on the iPhone 15 Pro

In a world where technology continues to evolve at a rapid...

Foods that Soothe Anxiety and Lift Mood

We face unique challenges when it comes to managing our mental...

― ADVERTISEMENT ―

Read Now

Meta’s Secret AI: A Game-Changer in the Making

Artificial Intelligence (AI) has become the driving force behind technological advancements in recent years. With companies like OpenAI and Google leading the race, Meta, formerly known as Facebook, is determined to catch up and make its mark in the AI landscape. According to reports from The Wall...

The Victoria’s Secret World Tour 2023: A New Era for Victoria’s Secret

In a groundbreaking move, Victoria's Secret is set to redefine its brand image with the release of "The Victoria's Secret World Tour" documentary. This film, slated to stream on Amazon Prime on September 26, 2023, aims to showcase the work of a new generation of creatives from...

Devastation Unleashed: Southern Brazil’s Deadly Cyclone Floods

In recent days, southern Brazil has been devastated by heavy rainfall and flooding caused by a tropical cyclone. The death toll has risen to dozens, with entire communities being submerged and homes destroyed. The impact has been severe, with families pleading for help as rivers overflowed their...

Oldest Human Ancestors: A Journey from Europe to Africa

The origins of humanity have long fascinated scientists and researchers. For decades, the prevailing belief has been that our ancient ancestors first emerged in Africa. However, recent discoveries have challenged this notion, suggesting that the story of human evolution may have a more complex and intriguing plot....

Iceland Braces for Impending Volcanic Eruption: Thousands Evacuated

Iceland, a land known for its stunning landscapes and geological wonders, is currently on high alert as the country faces the imminent threat of a volcanic eruption. With the Reykjanes peninsula region experiencing a surge in seismic activity, authorities have declared a state of emergency and evacuated...

Hollywood Unites: Gal Gadot, Madonna, Natalie Portman, and More Stars Stand with Israel Amidst Deadly Hamas Attacks

In recent days, the world has witnessed a devastating conflict between Israel and Gaza, as Hamas launched a surprise attack on the country. This assault, which included a heavy barrage of rockets and infiltrators crossing the border, has resulted in numerous casualties and widespread destruction. Amidst this...

The Boy and the Heron: Hayao Miyazaki’s Mindbending Fantasy Adventure

Hayao Miyazaki, the renowned Japanese filmmaker and co-founder of Studio Ghibli, is set to release his final feature film, The Boy and the Heron. This highly anticipated animated movie has been shrouded in mystery, with only glimpses of its mind-bending fantasy adventure unveiled so far. In this...

Shiloh Jolie-Pitt: Embracing Her Unique Style

Shiloh Jolie-Pitt, the 17-year-old daughter of Angelina Jolie and Brad Pitt, has been making waves with her bold and unique sense of style. Recently, she was spotted rocking a new look that channels her mother's teenage rebelliousness. Sporting a pink buzzcut, Shiloh is confidently embracing her individuality...

Adele Defends Fan During Vegas Residency: A Powerful Moment of Fan Advocacy

Adele, the iconic British singer, has once again shown her dedication to her fans by stepping in to defend a distressed concertgoer during her Las Vegas residency. The incident occurred during one of her powerful performances of "Water Under the Bridge," when Adele noticed a fan being...

The Dangers of Hair Straighteners: F.D.A. to Ban Formaldehyde-containing Products

Hair-straightening products have long been popular among women, especially those marketed to Black women. However, recent studies have raised concerns about the health risks associated with these products, particularly those containing formaldehyde. The U.S. Food and Drug Administration (F.D.A.) has proposed a ban on hair-straightening products that...

Barbie: The Highest-Grossing Movie of 2023

Barbie has taken the world by storm, becoming the highest-grossing film of 2023 in just one month since its release. Directed by the talented Greta Gerwig and starring Margot Robbie as the iconic doll, the film has shattered records and captivated audiences worldwide. In this article, we...

Stimulating Brown Fat to Fight Obesity: A Game-Changing Discovery by UCLA

In a groundbreaking study, researchers from the University of California, Los Angeles (UCLA) have made a remarkable discovery that could revolutionize the fight against obesity. Their findings reveal the presence of nerve pathways that supply brown adipose tissue (BAT), a type of tissue capable of releasing chemical...