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>>

  • 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 47 ABC "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

  • Local NewsDelmarva HeadlinesMore>>

  • Vikings Place Adrian Peterson On Exempt List

    Vikings Place Adrian Peterson On Exempt List

    Wednesday, September 17 2014 2:27 AM EDT2014-09-17 06:27:44 GMT
    MINNEAPOLIS (AP) - The Minnesota Vikings have placed star running back Adrian Peterson on the exempt/commissioner's permission list, a move that will require him to stay away from the team while he addressesMore >>
    MINNEAPOLIS (AP) - The Minnesota Vikings have placed star running back Adrian Peterson on the exempt/commissioner's permission list, a move that will require him to stay away from the team while he addressesMore >>
  • Mother And Daughter Run Over By Car In Neighborhood

    Mother And Daughter Run Over By Car In Neighborhood

    Wednesday, September 17 2014 12:01 AM EDT2014-09-17 04:01:58 GMT
    LEWES, Del. - A frightening turn of events in a Lewes neighborhood Tuesday afternoon as a car sped into a front yard where a woman was outside with her young children.More >>
    LEWES, Del. - A frightening turn of events in a Lewes neighborhood Tuesday afternoon as a car sped into a front yard where a woman was outside with her young children.More >>
  • Troop 176 Performs Flag Retirement Ceremony

    Troop 176 Performs Flag Retirement Ceremony

    Tuesday, September 16 2014 11:13 PM EDT2014-09-17 03:13:54 GMT
    SALISBURY, Md.- Salisbury's Boy Scout Troop 176 conducted a flag retirement ceremony in honor of the 200th anniversary of Francis Scott Key's poem The Defense of Fort McHenryMore >>
    SALISBURY, Md.- Salisbury's Boy Scout Troop 176 conducted a flag retirement ceremony in honor of the 200th anniversary of Francis Scott Key's poem The Defense of Fort McHenryMore >>
  • Most Popular StoriesMost Popular StoriesMore>>

  • 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 >>
  • Mother And Daughter Run Over By Car In Neighborhood

    Mother And Daughter Run Over By Car In Neighborhood

    Wednesday, September 17 2014 12:01 AM EDT2014-09-17 04:01:58 GMT
    LEWES, Del. - A frightening turn of events in a Lewes neighborhood Tuesday afternoon as a car sped into a front yard where a woman was outside with her young children.More >>
    LEWES, Del. - A frightening turn of events in a Lewes neighborhood Tuesday afternoon as a car sped into a front yard where a woman was outside with her young children.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.