Day 18: “Family Ties or Fraud? How to Protect Your Credit from the Ones You Trust Most”

“Family Ties or Fraud? How to Protect Your Credit from the Ones You Trust Most”

Imagine checking your credit for the first time in years and seeing accounts you never opened, credit cards with balances you never charged, and loans you never applied for. Then, imagine realizing the person responsible... is your own parent or family member.

This isn’t a rare story. It’s a painful reality for many adults—especially in communities where financial hardship and trust often overlap. Whether it's done out of desperation, manipulation, or misunderstanding, credit fraud by a family member can leave deep financial and emotional scars.

But what is credit fraud—and how can you protect yourself or your loved ones, especially our seniors?

💳 What Is Credit Fraud?

Credit fraud occurs when someone uses your personal information—like your name, Social Security number, or account details—without your permission to open or use credit. This can include:

• Opening new credit cards

• Taking out loans

• Making purchases with your identity

• Using your information to receive services (utilities, phone plans, etc.)

When it’s done by a stranger, it’s identity theft. When it’s done by someone you love or trust, it feels like betrayal—but it’s still fraud.

👵🏽 Protecting Seniors: Common Scams & Prevention Tips

Older adults are often targeted because they may be less familiar with digital fraud or may trust too easily. Here are common scams and how seniors can protect themselves:

Common Scams:

• Phishing calls/emails pretending to be from the IRS, Social Security, or a bank.

• “Grandparent scams” where someone claims a grandchild is in trouble and needs money.

• Medicare scams offering fake services or cards.

• Fake tech support asking for remote access to your computer.

Protection Tips:

1. Freeze your credit with all three bureaus unless you're actively applying for credit.

2. Never share your Social Security number or Medicare ID over the phone.

3. Use a shredder for mail and documents with personal info.

4. Enable fraud alerts through your bank or credit monitoring service.

5. Designate a trusted financial power of attorney to manage finances if needed.

👶🏾 When Parents Use a Child’s Identity

Sometimes, struggling parents or guardians open credit in their child’s name, thinking they’ll fix it before anyone finds out. But the damage can be long-lasting—often discovered when the child becomes an adult and tries to buy a car, rent an apartment, or apply for a student loan.

What You Can Do:

• Check your credit early: Young adults should pull their reports at age 18 or sooner if fraud is suspected.

• Report it: File an identity theft report at IdentityTheft.gov.

• Dispute fraudulent accounts: Contact each credit bureau to dispute inaccurate information.

• Consider freezing your child’s credit: Yes, even minors can have their credit frozen to prevent fraud.

• Seek support: Healing from family-based fraud isn’t just financial—it’s emotional. Counseling and legal advice may be needed.

🙏🏽 Breaking the Silence

Financial abuse, even from someone we love, is still abuse. If this has happened to you, know that you are not alone. You deserve healing, and you can recover—financially, emotionally, and spiritually.

✅ Call to Action

📌 Check your credit today at www.AnnualCreditReport.com.

🧊 Freeze your credit if you’re not actively applying for loans.

📢 Talk to your parents or kids about fraud prevention—honesty is protection.

💬 Join the One Eleven Financial Freedom Experience to learn how to rebuild, recover, and rise—no matter what your past looks like.

🔗 Visit www.OneElevenExperience.com to join our community of Financial Warriors.