11/8/2023 0 Comments Credit zeThe Economic Growth, Regulatory Relief and Consumer Protection Act allows free credit freezes for all consumers, including protected consumers, such as children under age 16. Freezing a child’s credit doesn’t prevent personal information from being stolen, but it does stop thieves from opening fraudulent accounts with the child’s social security number. The new identities can rack up thousands of dollars in debt in the form of mortgages, auto loans, student loans, medical bills and more, all of which will all be listed on the child’s credit report. In 2018, Connecticut Higher Education Trust (CHET) 529 plan owners fell victim to a security breach, leaving personal information of the 529 plan account owners and the beneficiaries vulnerable to criminal activity.Ĭhildren are often victims of “synthetic” identity theft, where criminals use a child’s Social Security number combined with a different birth date and home address to create a fraudulent identity. It can take families years to undo the damage caused by identity thieves.Ĭriminals can access a child’s social security number from stolen tax returns, doctor’s office forms, school registrations or financial documents, either hard copies or online. More than one million children experienced identity fraud in 2017, according to a study by Javelin Strategy and Research, resulting in out-of-pocket costs of over $540 million for families. Why you should freeze your child’s credit Children are an easy target for identity thieves, since it can take years to discover that a child’s identity has been compromised or stolen.įreezing a child’s credit blocks creditors from accessing the child’s credit report, preventing any fraudulent accounts from being opened in their name. Freezing a child’s credit helps protect them from identity theft, including financial aid fraud. Public sector support in reducing early adopter risk could be valuable to accelerate the uptake of innovative financing models.A new law requires credit bureaus to offer free credit freezes for adults and children under age 16.Tailored mechanisms like loan loss reserves, residual value guarantees, and credit enhancements can help fleets overcome the cost difference between diesel trucks and zero-emission alternatives and attract private capital by reducing the risk associated with investments.Innovative financing methods like ‘trucking/charging as a service’ (operator leasing vehicle and/or charging infrastructure) can support diverse business models and help knock down entry barriers for fleet operators by providing solutions that are less capital-intensive and can help aggregate demand to catalyze early market development.Our fifth discussion will center on innovative financing and what countries can to do stimulate the flow of capital to help accelerate the ZE-MHDV segment. The goal is to share data and connect countries with leading technology and business experts who can support the signatories in advancing their ZE-MHDV ambitions. Under the Global Memorandum of Understanding (Global MOU) on Zero-Emission Medium- and Heavy-Duty Vehicles (ZE-MHDV), leading nations are now working collaboratively to enable 100% zero-emission new truck and bus sales by 2040 with an interim goal of 30% zero-emission vehicle sales by 2030. MOU organizers and facilitators the Netherlands and CALSTART’s Drive to Zero TM are hosting a series of invitation-only discussions with MOU nations (view a complete playlist of our thematic deep dive discussions here).
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