Last year alone, 8.1 million American adults became victims of ID theft, resulting in the loss of $37 billion, according to a 2011 report from Javelin Strategy and Research. Now, hundreds of online businesses are finding inactive Social Security numbers online – most of which are assigned to children under the age of 18 who have not started using them yet – and selling them under different names to help people establish fake credit. The scheme may lead to significant debts for children that might be almost impossible to pay off. The BBB is warning parents to be on the lookout for the signs that point to their child's identity being compromised or stolen.

"This is a newer problem, and it's frightening for any parent to think that their child's identity is at risk of being stolen," said Dan Badgerow, president and CEO of the BBB. "It is extremely important that people take the necessary precautions to ensure the safety of their child's identity."

Don’t be tempted by automated phone calls offering to reduce interest rates on your credit cards to as low as 1.5%. This deal sounds too good to be true, and it is. At least one of the companies making offers like this in our area is Financial Freedom Credit Counseling, which has been given an F rating (on a scale of A+ to F) by the BBB of Southeast Florida and the Caribbean.

The FTC says that the companies behind robocalls like this can't do anything for you that you can't do for yourself — for free. You have just as much clout with your credit card issuer as these companies, and you are just as likely to get turned down for a rate reduction regardless of their promises or supposed efforts to negotiate on your behalf. Indeed, FTC investigators found that people who pay for these services don't get the touted interest rate reductions, don't save the promised amounts, don't pay off their credit card debt three to five times faster, and struggle to get refunds. Furthermore, amendments to the FTC's Telemarketing Sales Rule prohibit companies that offer rate reduction scams on the phone from charging a fee before they settle or reduce your debt.

The BBB offers the following additional advice for consumers who receive robocalls from companies offering to lower their interest rate:

The BBB Integrity Awards are presented each year to companies who exemplify ethical behavior and display integrity in all aspects of their operations; toward their employees, vendors, customers, and within their community. Companies must also uphold BBB standards, although accreditation is not necessary. Winners are chosen by an independent panel of judges.

On October 24th the BBB announced the recipients of the 2011 BBB Integrity Awards at a ceremony held at the Guthrie Theater in Minneapolis. Nominations are currently being accepted for the 2012 BBB Integrity Awards and may be made by customers, vendors, or even the company itself. Visit www.thefirstbbb.org for more information or call Mackenzie Kelley at 651-695-2482.

The third annual "Give to the Max Day" will be held Wednesday, Nov. 16. The goal is to raise as much money as possible for Minnesota charities in 24 hours. The BBB operates a 501(c)(3) tax-exempt educational foundation whose charitable purpose is to educate consumers about scams and prevent financial fraud.

The top goals of the BBB Foundation for 2011-2012 are to: a) provide increased educational outreach and resources for senior citizens and b) implement new programming customized for military families. To ensure the continued FREE availability of these important educational resources for consumers in our community, we are inviting individual, corporate and foundation donors to please consider making a simple and secure tax deductible donation to the BBB Foundation as we join the Great Minnesota Give Together via www.GiveMN.org on Nov 16.