Question for the Money Doctors
Question submitted on Feb 8, 2011.
I have two children ages 5 and 1. Should I put a "credit freeze" (or whatever the proper term is) on their accounts with the major credit bureaus to protect them from identity theft?
When you freeze your credit record, you prevent lenders from seeing your credit report unless you specifically grant them access. This can prevent identity thieves from taking out new credit in your name, even if they have your Social Security number and other personal information. This would prevent thieves from stealing their identity.
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