Did you know your child may have a credit report? Many parents assume that children won’t have a credit report until they turn 18, which is far from the truth. In reality, there is no law that determines when credit reporting bureaus can begin compiling credit information on children. As such, it’s imperative to understand that taking the steps to protect your child’s financial future. The following blog explores why your child might have debt on their credit report and how a San Diego County identity theft lawyer can help you navigate these complicated issues.
Why Might My Child Have Debt on Their Credit Report?
Unfortunately, you’ll find that children are often targets for identity theft as they tend to make “perfect” victims. Children have no credit, meaning they are clean slates. In addition, as mentioned, many parents are unaware that their minor children have credit scores, meaning that identity theft can go unnoticed for years. Unfortunately, many will not notice that there is debt on a child’s credit report until the child turns 18 and must apply for car loans, student loans, credit cards, and other financial accounts.
While identity theft is unfortunately common for younger children, it may not be the only reason debt has appeared on their credit reports. If you have your child listed as an authorized user on one of your credit cards, their credit score can reflect the activity of that account. As such, if you have accumulated debt on the account, your child’s credit report will show that debt.
What Can I Do to Remedy This?
If you have a minor child, it’s imperative to understand that you should check their credit report, and if one exists, place a credit freeze on their account. Monitoring their credit report and preventing anyone from accessing it can help reduce the risk of becoming victims of identity theft.
Placing a credit freeze essentially locks your child’s credit report, meaning creditors cannot check reports or open loans in their name as they cannot access the report. This is more secure than a credit lock, which only requires the creditor to confirm the identity of the applicant before opening a loan in their name.
In the event you find debt on your child’s credit report, you should also consider filing a police report, as this can help when you file a report with the Federal Trade Commission. Using the police and FTC report, you should file a dispute with the credit reporting agency to help have the fraud removed from your child’s report.
As you can see, finding debt on your child’s credit report can be incredibly overwhelming, as you may not know how to proceed. That’s why it’s in your best interest to connect with an experienced identity theft victim attorney with Barthel Legal. Our firm will do everything possible to help you navigate these complex issues. Contact us today to learn more about how we can fight for you.
