Free Access to Credit Reports

By: EconomyWatch   Date: 25 August 2009

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Every individual, including a minor, has free access to credit reports of all three major credit bureaus. However, credit reports of minors are only prepared and furnished if they have credit on their names.

When Can You Request Free Access to Credit Reports of Minors

A minor typically has credit in his or her name under the following circumstances:

  • The parents add the minor as an authorized user on one or more accounts.

  • The minor holds a joint checking or savings account with his or her parent(s).

  • The minor becomes a victim of identity theft, wherein someone fraudulently uses their information to acquire credit.

If you seek to develop a sound credit history of your child, you must first develop your own credit status. In case you plan to add your minor to your credit card account, make timely payments as it improves your credit report but, that of your child as well.

Free Access to Credit Reports of Minors: Importance

Here are some reasons why free access to credit reports is important:

Identity theft of minors’ is a rampant issue: This involves free access to credit reports of minors, a fact that is generally ignored by most parents. It enables dubious parties to go undetected for a longer duration. Further, the crime is usually exposed only when the children open accounts or opt for loans. In some cases, the children have to face legal repercussions as well.

Consider the following measures to safeguard your child’s credit report information and prevent identity theft:

·        Furnish your child’s social security number judiciously: A minor’s social security number is generally requested school authorities and athletic leagues. Though, it is necessary to be furnished in certain cases but, you can request the third parties to accept some other form of identification.

·        Look out for red flags: If your child receives credit card applications or billing statements, enquire about the same. These are generally warning signals of identity theft.

To avoid damage of your children’s credit report, acquire free credit reports in a timely manner and check for suspicious activities. If the minor’s credit report shows no credit activity, then it is a sign that your child’s identity is safe and not compromised. Also, bear in mind that most credit bureaus provide assistance against juvenile identity theft.


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