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Does My Child Have a Credit Report?

Written by Teri Cettina on July 24, 2014 in Credit  |   No comments

If your child is a minor, he or she really shouldn’t have a credit file. After all, your child isn’t eligible for credit cards, mortgages, or other loans—the kinds of items that would appear on a credit report. Unfortunately, identity thieves can steal children’s personal…

does-my-child-have-a-credit-report

If your child is a minor, he or she really shouldn’t have a credit file. After all, your child isn’t eligible for credit cards, mortgages, or other loans—the kinds of items that would appear on a credit report.

Unfortunately, identity thieves can steal children’s personal information, including their Social Security numbers (SSNs), and use that data to open credit accounts in their names. If an identity thief uses your child’s information to apply for credit, you might not find out about the theft until he or she tries to apply for college loans or other credit. By then, thieves could have racked up years of fraudulent charges, collections, and even bankruptcies or judgments in your child’s name.

When should you check your child’s credit?

I recently checked my daughter’s credit file after I was concerned that her information had been compromised in a data breach. (The incident is still under investigation, but the source of the breach may have been an outside agency hired to do background checks on parent volunteers.) The Federal Trade Commission (FTC) recommends that you check your child’s credit whenever your school experiences a data breach of any kind.

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