Teens prime target for ID theft

FARMERS BRANCH, Texas (11/8/05)--Teens and adults younger than the age of 29 are the No. 1 target of identity thieves and make up almost one-third of the 10 million victims annually, according to the Federal Trade Commission (Lone Star Leaguer Nov. 1).

Experts speculate that young adults are more vulnerable to ID theft because they haven't established a credit record that can be monitored, they're less likely to check their credit card records, and they may not be aware of their credit report and its importance. National surveys confirm that teens lack basic knowledge to make sound financial choices, and they have little or no knowledge of financial transactions and credit reports.

The Texas Credit Union League newsletter notes that a new state law makes financial literacy education a prerequisite for high school graduation in Texas, giving every student an opportunity to learn the basics about saving, investing, and setting financial goals.

Many teens don't discover they're victims of ID theft until they apply for a driver's license--they may be denied because a license already has been issued under their Social Security number.

Teens are encouraged to take several steps to minimize their risk of becoming a victim:

• Guard personal information. When asked for a Social Security number, ask how it will be used, how it will be protected from ID theft, and whether another number will do.

• Don't store personal information on electronic devices. Password-protect your laptops, wireless phones, pagers, and MP3 players.

• Shred documents that contain personal identifying information before tossing them in the trash; don't hand your numbers to dumpster divers.

• Check your credit report every year. When you turn 16, start asking for a free credit report from each of the major credit reporting agencies--Experian, Equifax, and Trans Union--to make sure the information in your file is accurate. Stagger your requests. For example, get one free report from Experian, in four months get a free report from TransUnion, and in another four months get a free report from Equifax. Then start over with Experian exactly one year later.

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