Parents are stealing their children's identities to access debt—and destroying their kids' credit scores in the process
Parents are stealing their children's identities to access debt—and destroying their kids' credit scores in the process
"You trust your parents. This is not what they should be doing to their children."
When Axton Betz-Hamilton set up her first utility bill at college, she soon realized something was very, very wrong.
It turned out she’d been a victim of identity theft—and it had destroyed her credit rating.
In 2001, when she was a 19-year-old student, Betz-Hamilton’s new utility provider demanded a $100 security deposit to turn on her service, citing her credit score.
“I thought it was because I didn’t have enough credit,” she told Fortune. But when a copy of her credit report turned up in her mailbox six weeks later, she learned the opposite was true.
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Hey now. Adults have been borrowing against their children's futures for generations. It's something of an American tradition at this point.
Maybe that is connected to each subsequent generation having less wealth, lower life expectancy, lower standard of living and generally being more miserable than the previous...
Nah I'm sure it's just coincidence.
Sure, if by "each subsequent generation" you mean millennials. Historically the trend in the US has always been the opposite; most people could count on being better off than their parents.
There are already two new generations since millenials. I'm a millennial and I'm almost 40.