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Protecting Your Child’s Credit: A Guide by O1ne Mortgage

As a parent, you work hard to maintain good credit. But have you ever wondered if your child has a credit report? Typically, minors don’t have credit reports unless certain circumstances arise. Understanding these scenarios is crucial, as they can either be harmless or indicate potential fraud.

How to Determine If Your Child Has a Credit Report

Unless you’ve actively helped your child build credit, they likely don’t have a credit report. Credit reports are generally created when credit products like loans and credit cards are used. However, there are situations where your child might have a credit report earlier than expected. To check, follow these steps:

• Gather necessary documents: your driver’s license, proof of address, your child’s birth certificate, and Social Security card. If you’re a legal guardian, provide proof of guardianship.
• Contact the three major credit bureaus (Experian, TransUnion, and Equifax) to request your child’s credit report. This can be done via phone, mail, or online forms.
• If no credit report exists, you will be notified. If a report does exist, it will be provided to you.

Reasons Your Child Might Have a Credit Report

While it’s uncommon for minors to have credit reports, it can happen due to:

• Authorized User: If you add your child as an authorized user on your credit card, a credit report might be generated.
• Joint Account Holder: Some parents open joint accounts with their children, which can also create a credit report.
• Identity Theft: If someone uses your child’s personal information to open accounts, a credit report will be created, often showing fraudulent activity.

Warning Signs of Child Identity Theft

Identity theft can go unnoticed for a long time. Be vigilant for these warning signs:

• Calls from creditors or collections agencies about bills in your child’s name.
• IRS notifications about unpaid income taxes in your child’s name.
• Denial of government benefits due to someone else using your child’s Social Security number.
• Denial of student loans for your child.
• Bills or preapproved credit card offers addressed to your child.

Steps to Take If Your Child Has a Credit Report

If your child’s credit report contains accurate information, no action is needed. However, if you find evidence of fraud, take these steps:

• Report the Crime: File a report with the Federal Trade Commission at IdentityTheft.gov. This provides proof, a recovery plan, and guarantees certain rights. Consider filing a police report as well.
• Freeze Your Child’s Credit File: A security freeze prevents potential lenders from accessing the credit report, helping to prevent fraud. You may need a police report for this step.
• Contact Involved Companies: Notify the fraud departments of companies listed on the credit report. Request account closures and written confirmation that your child isn’t responsible for the accounts.
• Contact Credit Bureaus: File a dispute with the credit bureaus to remove inaccurate or fraudulent information from your child’s credit report. Include supporting documentation and clarify that your child is a minor.

The Bottom Line

Identity theft can severely impact credit reports and finances, making resolution a complex process. Whether your child is a victim or you want to prevent it, proactive steps can protect your child from identity theft. Consider signing up for a family plan with Experian IdentityWorksSM, which monitors credit reports, the dark web, and more, offering identity theft insurance and fraud resolution support.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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