What . . . my child might have a credit report ???
Teen: "Mom, can I have a credit card?"
Teen: "Mom, can I have a credit card?"
What do these two answers have in common?
Either answer has the potential resulting in your child having a credit report in their name.
What's a credit report?
Remember that diary that you may have kept growing up? That's almost what a credit report is. It's a "file" that holds all the information on your debt and payment history.
How can they have a credit report on your teen?
Possibly, here are 2 ways:
- if you have added them as an "authorized user" on your own credit card, they might have a report in their name. Some issuing companies report financial information for both the primary holder AND any authorized users. You'll need to check with them.
- or their identity may have been stolen resulting in a credit report in your child's name.
Just a couple of background points to consider:
- Those under age 21 are not allowed to have a credit card in their own name unless they can prove they can repay the debt and also pass the application process and all that requires. (that's why some parents use the "authorized user" method).
- again, this won't stop "fraud" creating a credit report on your teen
- Companies that report credit don't intentionally keep financial information on those under the age of 13.
Your child MIGHT have a credit report thru fraud, but especially more likely if they are an "authorized" user on your account.
We have much more coming in this series on how to check on your child's potential credit report AND for clues that their financial identity has been hijacked.
More knowledge always gives us better options, including financial ones!
What ELSE can you cover with your teen before they fly? Here are 8 Concrete Steps!
Have a great week . . . and as we say:
You CAN Have Success in the Middle of it ALL !
Pam and Holly
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Who Is JellyGeneration?
Pam Hardison, MBA, BBA in Finance and Business Education, has created and co-owned a national mail order catalog which at one point was the 21st fastest growing customerbase in the nation. As a mom of two college-post college daughters, considers it a privilege and to meet other students and parents along the same road. After teaching high school and college students for years, her commitment to helping them with topics most schools can't cover is the light that drives her.
Holly Powers, Attorney-At-Law (Jameson & Powers, P.C.) has been actively practicing law since 1985 and is a shareholder with the law firm of Jameson & Powers, P.C. The firm specializes in transactional law, health care law, and general business law. Holly has taught students precepts concerning the legal world for over 10 years. With 4 children, she understands what teens need to know and has a passion to help others faced with teens and aging parents.
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