Why You Should Keep An Eye On Your Child's Credit Report - 47 ABC - Delmarva's Choice

Why You Should Keep An Eye On Your Child's Credit Report

Posted: Updated:

47 ABC News - With identity thieves lurking, keeping an eye on your credit report can save you from a lot of trouble. But what about your child's credit report?

According to the 2012 Child Identity Fraud Survey, conducted by Javelin Strategy & Research, 1 in 40 households with kids under 18, had at least one child whose personal information was compromised by identity fraud. Some of those victims discovered that credit accounts were opened in their names, even though they were young children at the time.

"I hadn't thought of that at all. That's scary too, for moms and dads," Joe Camps of Cambridge, Md. said.

Children generally shouldn't have credit reports. If they do, it's a sign that something's wrong. The Federal Trade Commission recommends you check to find out whether your child has one around his or her 16th birthday. If you find one that's fraudulent, there's time to fix it before your child runs into serious problems.

"Often times what happens is, when they go to get their first car, or they go to get their first job, they find out they have terrible credit," identity theft expert and Independent Associate of LegalShield George Small said.

Other problems that may emerge include debt collectors contacting your child attempting to collect a debt, being denied a license because one has already been issued in his or her name, and being denied a bank account because of a negative history with bureaus that report checking and savings account information.

Small recommends you keep an eye on credit reports often, and if you can afford it, subscribe to a monitoring service and restoration service that will do it for you.

"You're going to get monthly alerts saying there's no new activity or if there is activity," he said.

"Better safe than sorry," Ralph Eugene of Cambridge, Md. said.

Unfortunately this is a crime that is in some cases committed by family members. Small says parents with bad credit, will sometimes put their child's name on electricity or water accounts.

  • ContestsMore>>

  • VP Shoes Back to School Contest

    VP Shoes Back to School Contest

    Friday, August 15 2014 12:02 AM EDT2014-08-15 04:02:20 GMT
    Winner announced on WMDT 47 News at 12PM on 8/22/14 No purchase necessary. Void where prohibited by law. Odds of winning dependent on number of entries received. Contest Dates: August 15, 2014 – AugustMore >>
    Winner announced on WMDT 47 News at 12PM on 8/22/14 No purchase necessary. Void where prohibited by law. Odds of winning dependent on number of entries received. Contest Dates: August 15, 2014 – AugustMore >>
  • Teacher Who Makes A Difference

    Teacher Who Makes A Difference

    The WMDT 47 Teachers Who Make a Difference Contest is Sponsored by Accurate Optical: "Encouraging children of all ages to come in for an annual eye exam to help them see better in school." Each month weMore >>
    The WMDT 47 "Teachers Who Make a Difference" Sponsored by Accurate Optical Encouraging children of all ages to come in for an annual eye exam to help them see better in school.More >>
  • Free Tuition Contest

    Free Tuition Contest

  • Most Popular StoriesMost Popular StoriesMore>>

  • Good 'Ole Boy Foundation Grants Young Boy's Wishes

    Good 'Ole Boy Foundation Grants Young Boy's Wishes

    Monday, August 18 2014 11:10 PM EDT2014-08-19 03:10:30 GMT
    MILLSBORO, Del.- Liam like many five year- olds has no shortage of smiles, and plenty of love.However, when most other little boys are playing at this age, little Liam spent the last couple years fighting for his life.More >>
    MILLSBORO, Del.- Liam like many five year olds has no shortage of smiles, and plenty of love.
    However, when most other little boys are playing at this age, little Liam spent the last couple years fighting for his life.
    More >>
  • Homeless Sex Offenders

    Homeless Sex Offenders

    DELAWARE - Individuals featured in this slideshow are NOT wanted. They are sex offenders who have registered with Delaware State Police as homeless. These are public notifications.More >>
    DELAWARE - Individuals featured in this slideshow are NOT wanted. They are sex offenders who have registered with Delaware State Police as homeless. These are public notifications.More >>
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2014 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.