Wednesday, April 11, 2012

SHOULD YOU CHECK YOUR TEEN'S CREDIT SCORE?





Last month, I wrote a post on teenagers and identity theft and what a big threat it is for them.  Identity theft is when a person steals someone else's personal information, such as credit card, bank account or Social Security numbers, to purchase goods and services. The bad thing about identity theft in tweens/teens is they may never know their identity has been stolen until they go to apply for a student loan, which could be four to five years after their identity has been stolen and a lot of damage can be done during this period.




So how can a parent know if their teen's identity has been stolen?  The best way is to check your teen's credit report.  Identity theft may be indicated by the presence of bogus accounts on your teen's credit report, as well as other unauthorized financial activity under his/her name. Catching and preventing identity theft is a major reason to obtain your teen's credit report.

Luckily, there are ways to obtain a free credit score.  There are three major credit bureaus, and it is best to check with all three in case a transaction isn't reported to all three.  Teenagers and young adults are more vulnerable to identity theft because they don't have a credit file that can be monitored. Their clean credit record is what attracts identity thieves. Thieves can rack up charges on a clean record for years.

Take the time to check your teen's credit report.  Or better yet, sit down with your teen and show them how to obtain a free credit report and teach them the importance of checking their credit report approximately every twelve months.

Pin It


11 comments:

Small Kucing said...

should be done especailly with rampant ID theft going on nowadays

kathy
http://www.smallkucing.com
http://mamakucingbooks.blogspot.com

Irish Carter of Dedicated 2 LIFE said...

What a much needed post. Great information and something parents definitely need to think about. Thanks for sharing this wealth of knowledge.

Irish

Cinthia Mull said...

“Take the time to check your teen's credit report.” – I absolutely agree! And I also have the same opinion about talking to your teen about how they should handle their finances, especially their credits. Talking to them as early as now will teach them the value of money and how they will be able to manage their money in the future.

Jaden Allred said...

You are correct, Cinthia! I think it is a good idea to teach kids the value of money at an early age. By instilling in them knowledge and values about money management, they will be able to handle their financial affairs wisely, with less chances of making big financial mistakes in the future.

julia bandth said...

This info you provided in the blog that was really unique I love it!!! payday loans lender

liena rose said...

We are dealing in superior quality of methylone, our research center takes very step to produce the best quality methylone.for more detail visit our site

http://methyloneshoppe.com/

Cool boy said...

The blog has offered the great knowledge I really enjoyed a lot by reading this.book a apartment marrakech

grady williams said...

I wana thank you for providing instructive and qualitative stuff so often. patterson eye doctors

deny lost said...

I wonder why other professionals don’t notice your website much m glad I found this. luxury Villas Marrakech

deny lost said...

No wonder why you get so many feedbacks cheap Villas Marrakech

kent clark said...

I Love your articles guys keep it up. Medical Negligence Solicitors

Related Posts with Thumbnails