Parents Face The Police After Kid Finds $15K Credit Debt In Their Name

You’d expect that grownups are better athandling moneythan their kids. Unfortunately, that’s not always the case. Just because someone is older doesn’t automatically make them wiser. Nor does it mean they’ll make goodfinancial decisions. In some cases, adults even try to take advantage of their more naive or trusting family and friends.

Internet user u/Parental-problematic asked the r/CreditScore online community for help handling a tough situation at home. They revealed how their parents secretly took out a bunch of credit cards in their name, racking up a massive debt. Read on for the fullstory, as well as a captivatingupdateabout what the author did next.

A bad credit score and massive debt can have a deeply negative impact on your future

Parents Face The Police After Kid Finds $15K Credit Debt In Their Name

Image credits:damirkhabirov (not the actual image)

An internet user opened up about how they found out that their parents stole their identity to open a few credit cards

Parents Face The Police After Kid Finds $15K Credit Debt In Their Name

Image credits:Prostock-studio (not the actual image)

Image credits:Parental-problematic

It’s most often close family and friends who commit identity theft

The parents’ “logic” was that their kid could simply declare bankruptcy and that the debt didn’t matter much because they wouldn’t be buying property any time soon. In other words, the couple felt entitled to their kid’s good credit score and identity to get access to more money.

In response, the author filed a police report. They also got in touch with the authorities after they were unceremoniously kicked out of their parents’ house. It’s likely that the situation will only escalate from there.

“The state’s attorney’s office will be in contact in the next few weeks regarding identity theft charges. He said he believes they will likely prosecute, possibly as soon as this week,” they wrote. Unfortunately, u/Parental-problematic’s account was suspended, so we were unable to reach out to them for further comment.

According to SoFi Learn, it’s easier for a person’s relatives to commitidentity theftbecause they have easier access to their personal information. Often, it’s someone who’s vulnerable who is the victim, like children or seniors.

In three-quarters of child identity fraud cases, the perpetrators are either family members or friends. Meanwhile, when it comes to senior identity fraud, nearly two-thirds of the time, it’s a family member who is at fault.

If you don’t solve the problem ASAP, your plans could get derailed

While a bad credit score isn’t the end of the world (you can recover from it), it does make life a heck of a lot harder than it has to be.

Investopedia points out that abad creditscore means that you’ll have a harder time taking out car and home loans and qualifying for a regular credit card in the future.

Even if you do get a loan, the odds are that you’ll get saddled with a high interest rate. In other words, you’ll end up paying more because your credit score shows you’re untrustworthy. You’ll also end up shelling out more for auto and homeowners insurance.

Meanwhile, your career prospects can suffer, too. If you’re applying for high-ranking positions, especially in organizations linked to finances, your low credit score can be a huge red flag to your prospective employers.

There’s another issue as well. If you don’t report the identity theft, the authorities might consider you an accessory to the crime. Getting a criminal record is also going to make it harder for you to get a good job in the future. So, the best course of action is to file reports with the authorities and the credit card issuers.

In the meantime, it’s probably best to distance yourself from the people who feel entitled to your good credit. Family members are supposed to support one another, not take advantage.

Parents Face The Police After Kid Finds $15K Credit Debt In Their Name