Credit Freezes for Kids - The Road Ahead

We've got a long way to go

The massive Equifax data breach of 2017 stirred up a lot of media about the importance of freezing credit, and even compelled an otherwise gridlocked Congress to actually do something by forcing the credit bureaus to offer credit freezes for free. An estimated 14% of American adults have frozen their own credit, which is actually a surprisingly high figure.

Only recently, however, has the media begun specifically covering the importance of freezing credit reports for children (For an example, see USA Today). Nobody seems to know what percent of children have frozen credit reports. From our research, we think the number is <1%, meaning we need to complete about 62 million credit freezes to catch up with the current population under 16, then about 3.8 million per year after that to keep up with the birth rate.

The media still laments how much of a pain it is for adults to freeze their credit. We skipped building a freeze product for adults because we didn't think the process was that bad. The process of freezing for your kids, however ... is actually awful! And that's why Credit Parent is here.

 

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