America's Money: Parents Stealing Kids' Identities in Alarming Trend

July 14, 2010 — -- Most of us know someone who has been a victim of identity theft. Most often, the perpetrators are strangers.

But there's a new trend emerging in the U.S. -- parents stealing their own children's identities for financial gain.

Larry Braziel Jr., 27, is a young man who already wants to put the past behind him.

"To this day, I am still working on cleaning up my credit," Braziel told "Good Morning America."

CLICK HERE for Mellody Hobson's Web Takeaway on how to spot red flags that your kids may have had their identity stolen.

When he was 19 years old, Braziel received a call from a collection agency, demanding money he didn't even know he owed. A full credit report revealed that he was already over $100,000 in debt.

"There were just numerous things, including a $41,000 mortgage, that was on my credit file, and I had never owned a house, ever," he said.

Braziel said he eventually discovered that his father had used his social security number to open up numerous lines of credit in his name.

"It's extremely easy to do, especially when the father and the son have the same name," he said.

Identity theft is on the rise, experts said, especially during these tough economic times. More than 11 million people were victims of identity theft last year, and 13 percent of the crimes were committed by someone the victim knew. More troubling: six percent of the thieves are related to the victim.

"Parents are privy to children's information and if they're desperate enough, or if they're that type of person -- they seem to have no reluctance using their children's social security number," said Linda Foley of the Identity Theft Resource Center.

And like many victims, Braziel did not turn his father in for the alleged theft.

"Child identity theft is an emotional rollercoaster," Foley said. "They go through a feeling of 'What a horrible child would I be to file a police report against my mother or my father?' But it's tough love... Who is going to stop this person if not you?"

When it comes to victims of the theft, age doesn't matter since nothing ties a Social Security number to an age unless the creditor asks for proof of age.

One danger is that children don't even realize their identity has been stolen until they are old enough to attempt to use their credit to get a credit card or apartment.