From The Consumerist;
A new survey from Bankrate.com found that more than one-third of American adults – roughly 35% – have never requested their credit reports.
When it comes to not checking credit reports, both millennials and older consumers were the most likely culprits. Nearly 44% of senior citizens (those 65 years of age or older) report they have never checked their credit reports, while 41% of consumers ages 18 to 29 have never reviewed the records.
I am reminded in looking at these statistics that millenials to date have proven to be credit averse. Ask your students to develop a list of the benefits of checking their credit reports at annualcreditreport.com (be sure to let them know that this is a free service. Continue reading
It was a record month for the NGPF Blog, with visitors and page views increasing by over 300%! Here is what personal finance educators were reading:
Funny, you should ask. I thought it would be interesting to look at news stories in the last week and see the myriad way that criminals are stealing identities. This could also make for a good WebQuest for your students and help them see the importance of protecting their identity.
- Stealing checks and credit cards from mailboxes (Albuquerque Journal):
Five people were arrested on charges related to operating an identity theft ring after stealing checks and credit cards from residents’ mailboxes, according to the Santa Fe County Sheriff’s Office. Investigators were alerted to the alleged operations on April 20 when a local retailer reported an individual trying to buy high-priced electronics with suspicious credit cards. They found that two men used a credit card in a woman’s name to buy a 50-inch television for $513.
- Filing false tax refunds using other people’s identities (Austin Statesman):
Ever misplace your credit card? You know the feeling…where you don’t want to contact your credit card company and have them issue you a replacement..because it may be buried in a pocket of a jacket somewhere.
The title of this post may be what many of your students are thinking when you bring up the topic of identity theft. They are wrong!
Nice reminder from Ron Lieber of NY Times in this column of the dangers of identity theft for those under the age of 18. Due to the Anthem Health data breach, his daughter received a letter notifying her that her information had been compromised during this breach. His column quotes some frightening statistics from an academic study regarding identity theft among children around the time of a similar breach:
Still, a 2011 joint industry-academic examination of 40,000 children caught up in a data breach found that someone else appeared to be using 10.2 percent of their Social Security numbers. Most of those instances happened before the breach in question.
Note that most of these occurred BEFORE the breach. Why are children such a ripe target for identity thieves? Continue reading