Are Relatives Using Your
Identity?
The numbers are staggering. More than 27 million Americans
have been victims of identity theft in the past five years,
according to the Federal Trade Commission’s Identity Theft
Survey Report, issued Sept. 2003. Even more shocking is the
number of thefts by relatives. Of 4,057 people surveyed who
reported identity theft to the FTC, 9% said a family member
was responsible.
Financial experts say parents who destroy their own finances
increasingly are tempted to “borrow” their children’s good
credit. As co-signers, all they need is a birth date and
Social Security number, information they either know or have
easy access to.
Other family “thieves” include children, siblings, cousins,
aunts, and uncles. Unfortunately, the only options for victims
of familial credit abuse are paying off the debt in large
chunks or filing a complaint that could send your relative to
jail.
Experts recommend you order a copy of your credit report
annually from each of the “big three” credit reporting
agencies:
| Equifax |
800-685-1111 |
| Experian |
888-397-3742 |
| TransUnion |
800-888-4213 |
Victims should request that a red flag be placed in their
file to help prevent anyone else from opening fraudulent
accounts.
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