Congress Investigates Identity Theft - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Congress Investigates Identity Theft

Congress Investigates Identity Theft

Congress Investigates Identity Theft
The content is accurate at the time of publication and is subject to change.

At a recent off-site congressional hearing held in Plano, Texas, the House Ways and Means Subcommittee on Social Security met with the Federal Trade Commission to discuss the disturbing trend of child identity theft that has been occurring throughout the United States. During the hearing, the FTC said that, “Protecting consumers – especially vulnerable consumers such as children – against identity theft and its consequences is a critical component of the Commission’s consumer protection mission,” according to the website Collections Credit Risk.

An ever-growing problem, the amount of child identity theft that was reported between 2003 and 2009 increased almost 200%, according to data revealed by the FTC. The government website Next revealed that over 140,000 children nationwide fall victim to identity thieves annually. These children are, on occasion, being victimized by their own relatives who opted to use their young family member’s name and Social Security number to apply for credit.

Testimony delivered during the hearing explained that children’s SSNs are uniquely valuable to those looking to perpetuate fraud because they do not yet have a credit history attached to them and therefore can be paired with essentially any name and birth date.

“In effect, a child’s identity is a blank slate that can be used to obtain goods and services over a long time period because parents typically do not monitor their children’s credit, often having no reason to suspect any problem,” reported Collections Credit Risk.

According to Next, Robert Feldt, special agent in charge at the SSA Office of Inspector General’s Dallas field division, said child identity theft “allows for the potential long-term undetected abuse of a genuine SSN and the potential long-term harm to a young person’s financial future.”

Then, once they reach age 18 and starts seeking financial aid for college or applying for credit cards, the victim discovers unfamiliar things such as unpaid bills or loan defaults attributed to their social security number.

As Collections and Risks then concludes, “child identity theft is especially pernicious because the theft may not be detected until the child becomes an adult and seeks employment, or applies for student and car loans,” as per the testimony.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

American Express Cardholders Get Free Amazon Prime

Posted: July 18, 2018

If you have an American Express credit card you may find a special offer in your inbox, one letting you take Amazon Prime for a test drive for free for three months. This offer is available until July 23rd, 2018, or until 160,000 people ... Continue reading
New Visa Cards From CRYPTO.com

Posted: July 17, 2018

CRYPTO.com, a payments and cryptocurrency platform, is now offering three new cards - Icy White, Jade Green and Royal Indigo. These are Cryptocurrency-based credit cards. With them, people can get a wide range of perks and benefits, ... Continue reading
A New Priority Pass Restaurant and Lounge in Washington D.C.

Posted: July 16, 2018

Hitting the lounge for some rest and relaxation when flying can be a great perk. And now people with Priority Pass membership - or a credit card giving them Priority Pass lounge access - have two new options to check out when passing ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!