{"id":353587,"date":"2015-05-14T06:00:02","date_gmt":"2015-05-14T12:00:02","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=353587"},"modified":"2022-02-02T21:13:05","modified_gmt":"2022-02-03T04:13:05","slug":"how-to-protect-your-kids-credit-scores","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/credit-score\/how-to-protect-your-kids-credit-scores\/","title":{"rendered":"How to protect your kids\u2019 credit scores"},"content":{"rendered":"

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Do kids even have credit scores and credit reports? The short answer is, \u201cNo.\u201d But if you start receiving mailed credit card solicitations or strange debt collection phone calls for your child under 21, it could be a tip-off that their identity may have been compromised, in which case, they may have a fraudulent credit file.<\/p>\n

The only legitimate way your child under age 18 could have a credit report and a credit score is if you added them as an authorized user to your credit card account and they have had it open for at least six months, according to FICO. And, it is illegal for credit card companies to solicit or issue credit cards to those under 21 without proof of employment for independent repayment or a co-signor over the age of 21 due to the federal Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.<\/a><\/p>\n

So if kids have no credit, you might wonder why thieves would even try to steal it?<\/p>\n

The reason is because nobody is routinely checking these credit files and so fraud could go undiscovered until your child finally reaches the age of applying for a credit card, a car loan or a mortgage.<\/p>\n

With just a child\u2019s social security number, identity thieves can fabricate a false identity using a different birthdate and open all sorts of accounts in their name. Because they are linked to the child\u2019s social security number, this can negatively affect student loan applications and even government benefits eligibility and your taxes.<\/p>\n

How could thieves get my child\u2019s information?<\/strong><\/p>\n

As of April, 2015, the Identity Theft Resource Center<\/a> reported a total of 200 breaches, however educational and medical breaches pose the highest threat to your child\u2019s information. Just think what kind of information you gave about your child that is stored at your child\u2019s schools, doctor\u2019s offices and with your health insurance. According to the breach report, while educational breaches made up just 9% of total breaches so far this year, medical and healthcare breaches accounted for 34% of total breaches but with the highest amount of records stolen out of all types of breaches.<\/p>\n

All ages of children under 18 are at risk. However, teenagers and college students were least concerned about fraud, yet the most seriously affected, according to the Javelin 2015 Identity Fraud Study<\/a>. Students were also the least likely to discover the identity fraud themselves and instead, found out when they were denied credit or received debt collection calls. Students are also four times more likely to take part in \u201cfriendly\u201d fraud, compared to other consumer groups. Do you think kids give out the pin number to their debit cards, passcodes to their smartphones or lend their driver licenses to their friends? They do, I can tell you from personal experience with my own three teenagers.<\/p>\n

Should I check my child\u2019s credit?<\/strong><\/p>\n

The Federal Trade Commission (FTC) recommends that you check your child\u2019s credit whenever you receive a data breach letter of any kind. If you are receiving credit card, financial mail, debt collection or solicitation phone calls in your child\u2019s name, definitely check their credit file. Some more tip-offs are:<\/p>\n