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Protecting Your Child’s Credit and Identity: Essential Tips

As a parent, you work hard to ensure your child’s future is bright and secure. One aspect of this security that often goes overlooked is your child’s credit and identity. While it may seem unlikely, children can become victims of identity theft, which can have long-lasting effects on their financial future. In this article, we’ll explore how to find out if your child has a credit report, why they might have one, warning signs of child identity theft, and what to do if you discover your child’s credit has been compromised.

How to Find Out Whether Your Child Has a Credit Report

Typically, minors haven’t built credit and don’t have their own credit reports yet. However, certain circumstances could result in your child having a credit report sooner. To check if your minor child has a credit report, follow these steps:

• Gather the following documents:
  • A copy of your driver’s license or other government-issued identification
  • Proof of your address, such as a utility bill or an insurance statement
  • A copy of your child’s birth certificate
  • A copy of your child’s Social Security card
  • If you’re not the parent, you might also need to present a document proving your legal guardianship
• Contact each of the three major credit bureaus (Experian, TransUnion, and Equifax) and request your child’s credit report. Depending on the bureau, you may be able to do this by phone, mail, or online form.
• If no credit report has been created for your child, you should be notified. If there is a credit report on file, one should be provided to you.

Why Your Child Might Have a Credit Report

While it’s uncommon for minors to have credit reports, there are a few scenarios where this might occur:

• Authorized user: Minors can become authorized users on their parents’ credit card accounts. If you add your child to your account as an authorized user, a credit report might be generated in their name.
• Joint account holder: Some parents may open a joint account with their child, which can result in the creation of a credit report for the minor.
• Identity theft: If someone uses your child’s name and Social Security number to open accounts, they will have a credit file showing these fraudulent accounts.

Warning Signs of Child Identity Theft

It can take time to detect identity theft, and by the time it’s caught, your child’s report may be riddled with fraudulent debts. Watch for these common red flags:

• You receive calls from creditors or collections agencies about bills in your child’s name.
• The IRS sends mail saying your child didn’t pay their income taxes.
• You or your child are denied government benefits because someone is already using your child’s Social Security number.
• Your child’s application for student loans is denied.
• You receive bills or preapproved credit card offers in your child’s name.

What to Do if Your Child Has a Credit Report

If your child’s credit report contains accurate information, you don’t need to take any action. However, if you find evidence of fraud, it’s important to act quickly:

• Report the crime: Report the fraud with the Federal Trade Commission at IdentityTheft.gov. This creates a report you can use as proof and provides a recovery plan.
• Freeze your child’s credit file: Lock down your child’s credit report with a security freeze to prevent fraudsters from opening accounts in their name.
• Contact the companies involved: Reach out to the fraud department at the companies listed on the credit report and request that they close the unauthorized accounts.
• Contact the credit bureaus: File a dispute with the credit bureaus to remove inaccurate or fraudulent information from your child’s credit report.

The Bottom Line

Identity theft and fraud can wreak havoc on credit reports and finances, and it can be a time-consuming and logistical nightmare to resolve. Whether you learn your child is a victim or you want to ensure this doesn’t happen, there are ways to proactively protect your child from identity theft.

At O1ne Mortgage, we understand the importance of safeguarding your family’s financial future. If you have any mortgage service needs or questions, don’t hesitate to call us at 213-732-3074. Our team of experts is here to help you every step of the way.

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