Though they may be too young to have a credit score, parents should be proactive about checking their child’s credit report. Kids can easily become victims of identity theft and if not monitored, the scam against them can go on for years before anyone ever notices it.
One red flag to look out for would come in your mailbox. If your child gets pre-approved credit offers coming in their name, this may be a sign that someone is using their credit.
Keep track of their credit report by monitoring it through the three major credit reporting agencies. Call them up and ask to check if your child has a credit report. If your child doesn’t that’s good and you shouldn’t have to worry. Don’t do it just once. Keep track of it every year or so.
In some states, you can freeze your child’s credit report, but it can be a little complicated since you have to have a report in order to freeze it. Be careful with this option as well because you’ll be given a special number that would be used to unlock the freeze. If you lose it, it could delay the process of removing the freeze. For more information on how to protect your child’s credit, read here.