This past April Governor Martin O’Malley passed the Child Identity Lock Bill in Maryland to protect children for having their credit ratings damaged by identity theft.
Who: Children can now be protected from identity thieves.
What: Maryland Child Identity Lock Bill
Where: Maryland
When: The bill was passed on April 10, 2011
Why: Given the lack of loans applied for by children they are often the target of identity thieves. When was the last time you checked your child’s Credit Score? That’s what Governor Martin O’Malley was thinking when she signed the Child Identity Lock Bill, simply kids don’t use their credit.
A study was released last year by an independent third party based in California that revealed roughly 140,000 minors fall victim to identity theft each year. Why would we check? The answer is you wouldn’t, no one thinks to check their children’s Credit Ratings – why would we, minors cannot take out loans, apply for credit cards, buy cars, homes or anything else right? Wrong!
Researchers at Carnegie Mellon University released a study that shows children are more likely to be targeted for identity theft than adults. Why? Well, children wont become aware of the fact that they have had their identity stolen until they are older when applying for a credit card or a loan to buy a car.
How to Protect your Children: The Child Identity Lock Bill (HB555, SB295) allows parents and legal guardians to place a preemptive freeze on their children’s (or those in their care) credit reports. Contact the Maryland Attorney General (1(888)743-0023 for more information on this bill and ways to protect your children.
Read More – Attorney General Website
