Protect Credit

To a senior, credit is not just about loans or credit cards—it is a reflection of their lifetime of financial responsibility. Good credit allows seniors to qualify for affordable housing, access financing for essential needs like medical devices or home modifications and maintain everyday necessities such as utility services or phone plans without burdensome deposits. Unfortunately, many seniors do not realize that their credit can be damaged without their knowledge—through fraud, identity theft, or unpaid accounts opened in their name. A compromised credit history can limit choices and force difficult decisions in already vulnerable situations.

How credit fraud impacts seniors

Elder fraud is one of the fastest-growing crimes in the United States, affecting millions of older adults each year. According to the FBI’s 2023 Elder Fraud Report, seniors reported over $3.4 billion in losses due to fraud—an 11% increase from the previous year. Beyond the financial devastation, elder fraud often leaves lasting emotional scars, including shame, anxiety, and a loss of trust in others. It can compromise housing stability, disrupt medical care, and force seniors to choose between basic needs. Whether through identity theft, credit card fraud, or scams involving caregivers or trusted contacts, the consequences of financial exploitation severely impact a senior’s independence, dignity, and overall quality of life.

Credit problems: at home

Seniors living at home are at high risk of financial fraud and identity theft due to mail theft, phone scams, and online fraud. According to the Federal Trade Commission (FTC), seniors reported over $1.6 billion in losses from fraud in 2023, with imposter scams being the most common. Many seniors also unknowingly share personal information with scammers posing as banks, government agencies, or service providers. Without safeguards in place, unauthorized accounts, fraudulent charges, or drained savings can go unnoticed, jeopardizing financial stability.

Why it matters: at home

For seniors living independently, credit is often tied to their freedom and self-reliance. It allows them to:

• Pay utility bills or renew internet services
• Access home repair loans or in-home care services
• Avoid relying on family for unexpected costs

Without credit protection, identity theft or scams can lead to unpaid debts in their name—making it harder to age safely at home or qualify for needed services.

Credit problems: in a care facility

Seniors in nursing homes or assisted living facilities often rely on staff or family members for financial management, making them vulnerable to misuse of funds, unauthorized credit card charges, or stolen personal information. The Consumer Financial Protection Bureau (CFPB) reports that financial exploitation in care settings is frequently underreported, as seniors may fear retaliation or be unaware of unauthorized transactions. Facilities with weak financial oversight may also increase the risk of financial abuse by caregivers or other residents.

Why it matters: in a care facility

Even in long-term care or assisted living, seniors still use credit for:

• Paying private room fees or covering co-pays
• Buying personal items, hearing aids, or mobility equipment
• Maintaining phone plans or supplemental insurance

Many facilities have shared staff or communal areas, increasing the risk of financial exploitation or unauthorized use of personal financial details.

Credit problems: in a medical center

Medical identity theft is a growing concern for seniors receiving frequent healthcare services. The Medical Identity Fraud Alliance (MIFA) estimates that 2.3 million Americans are victims of medical identity theft each year, with seniors being prime targets. Fraudsters use stolen medical information to obtain prescription drugs, file false insurance claims, or charge medical expenses to an unsuspecting senior’s name. Billing errors, mismanaged records, and unauthorized access to insurance details can lead to financial and credit damage.

Why it matters: in a medical center

Credit helps cover medical costs not paid by insurance or Medicare, such as:

• Out-of-network specialists or emergency care
• Prescriptions not on formulary
• Dental, vision, or mental health services

A senior’s identity can be stolen from paperwork left in exam rooms, billing offices, or during hospital admissions—causing fraudulent medical debt and damage to their credit report.

Credit problems: in a shelter

Seniors experiencing homelessness or living in temporary shelters face heightened risks of financial exploitation. Without secure storage for identification, credit cards, or financial documents, their personal information can be stolen and misused. The National Coalition for the Homeless highlights that identity theft is a major problem in shelters, as stolen identities can be used for fraudulent credit applications, medical claims, or benefits theft. Limited access to banking and credit monitoring services makes it difficult for seniors to detect fraud or recover from financial losses.

Why it matters: in a shelter

For unhoused or displaced seniors, credit is crucial for:

• Securing stable housing or transitional programs
• Applying for government assistance
• Rebuilding a life after loss, abuse, or disaster

Shelters may lack privacy or security, making personal information vulnerable. Without credit protection, even small errors or fraud can block a senior from reentering stable living situations.

What seniors need to protect

• Social Security Number & Personal Identification
  A senior’s Social Security number may be stolen to open fraudulent accounts or receive medical treatments in their name.
  Why is it not being done: Seniors in care facilities or shelters often have limited access to their personal documents. They may not have the ability to secure or monitor these sensitive numbers due to the large number of staff handling paperwork. This leaves them vulnerable to identity theft.
• Bank Accounts & Credit Cards
  A senior may unknowingly be charged for unauthorized services or have their savings withdrawn without permission.
  Why is it not being done: Seniors may be too trusting of caregivers or facility staff, or they may not have the capability to monitor accounts due to physical limitations, memory issues, or lack of financial literacy. Those in care facilities might rely on others to manage their finances, which can sometimes lead to misuse or abuse.
• Medical Records & Insurance Information Fraudsters may use a senior's stolen insurance details to obtain prescription drugs or treatments.
  Why is it not being done: In medical centers or care facilities, a senior’s insurance information may be handled by many staff members, with little oversight or protection. Seniors may not be aware of who has access to their personal health data or where it is stored.
• Mail & Paper Documents
  A senior’s bank statement or personal mail could be intercepted and used for identity theft or financial fraud.
  Why is it not being done: Seniors living at home may not have a secure mailbox, leaving their mail vulnerable to theft. In care facilities, mail is often handled by staff, and personal documents may be lost or misplaced. Additionally, seniors may not always remember to shred sensitive documents, increasing the risk of theft.
• Online Accounts & Passwords
  A senior could fall victim to phishing scams, where attackers steal login details for online banking or email accounts.
  Why is it not being done: Many seniors are unfamiliar with online security and may not know how to identify suspicious emails or websites. In assisted living facilities, staff may have access to a senior's devices or accounts without sufficient supervision, making them vulnerable to misuse or cybercrime.
• Government Benefits & Retirement Accounts
  Fraudsters may target a senior’s Social Security number or pension accounts, changing direct deposit details and stealing funds.
  Why is it not being done: Seniors in shelters or care facilities may not have direct access to monitor their benefits accounts. They may rely on others, such as caregivers or family members, but those relationships can sometimes lead to mismanagement or fraud.

How we can help

At Seniors In Distress, we are dedicated to ensuring that seniors have the protection they need to safeguard their financial, personal, and medical information, whether they live at home, in a care facility, visiting a medical center, or in a shelter. Through a combination of advocacy, resource navigation, and direct support services, we assist seniors in maintaining their security and independence.

We offer

• Financial Security Resources
  We help seniors set up secure ways to manage their finances, including assistance with creating budgets, securing financial accounts, and understanding credit protection strategies.
• Identity Protection Support
  We connect seniors with services that monitor and protect their personal information, including Social Security numbers and credit reports, helping to prevent identity theft.
• Legal Assistance
  We provide legal referrals to help seniors protect their rights and assets from exploitation or fraud, offering peace of mind when they need it most.
• Security Measures for Personal Data
  Whether at home, in a facility, or in a medical center, we work with seniors to set up safeguards for their personal documents, medical records, and online accounts to ensure that sensitive information stays protected.
• Training and Education
  We educate seniors on identifying common scams and fraud tactics, providing resources and workshops to empower them with the knowledge to protect themselves from financial exploitation.

Need credit protection

Seniors are increasingly vulnerable to financial exploitation, identity theft, and fraud—especially when living in environments where they lack full control over their personal information. Ensuring credit protection is essential to maintaining financial health and security, whether at home, in care facilities, medical centers, or shelters.

If you, a loved one or someone you know is at risk of financial exploitation or has concerns about their credit security, contact us today or visit our affordable protect membership plans to discuss how we can help ensure your credit and financial safety.