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Identity Theft and how it can Affect Your Family


There are many different negative ways that identity theft can affect families, even it is just one member that had their identity stolen. It can make it hard for them to get a loan or buy a house. If it happens to be a teenager it may make it hard for them to get a student loan or financial aid until the identity theft has been settled.

If the person in the family who has been a victim of identity theft and is the one that supports the family it can cause some financial hardships on the family because they may not be able to get a line of credit or a loan if necessary or in an emergency. They will also suffer from credit ratings that are low when their credit has been affected. Being a victim of identity theft may also make you ineligible for certain jobs, car leases, home loans, credit cards, etc until everything is straightened out.

They could also face having their cars repossessed, their home foreclosed on, and other items repossessed if they are not paid for. All of this can add up to a lot of extra stress not only on the victim of identity theft but also on the otherembers of the family. If your teenager is ready to go to college and applies for a school loan, they could be denied if someone stole their identity even if they have not applied for any type of credit before. There a lot of identity theft protection measures we can do to prevent this popular crime from happening.

You can help safeguard your family against being victims of identity theft by:

Educating themselves on what identity theft is, how to prevent it, how it occurs, etc.
Every family member should get a copy of their credit reports once a year from all three of the credit bureaus. The parents should also make sure that they are monitoring their children’s credit reports and scores to make sure that no one has stolen their identity.

Do not just throw out those pre-approved credit cards you receive in the mail. They need to be shredded because it is very easy for identity thieves to get a credit card in your name using these pre-approved offers.
If you find anything suspicious on any of the credit reports you need to report it immediately.
You may also enroll you and your family on any of the id theft protection and credit monitoring services such as Lifelock.

Identity theft can negatively affect families but if you follow these suggestions you can help lessen the negative affects.

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