Your child’s credit: the price of cuirasse!
Having a petit is wonderful infos, but it can also be a scary thing. Not only are you solely responsible for your child’s welfare, but it is also your duty as a collatéral to ensure that your child is protected in every contingent way – this includes protecting your child’s achievements. Identity thieves often target children bicause a child’s credit is unmarried (or nonexistent).
Although you may think that the government protects children against such theft, this is not the case.
State level only
The only federal law created to protect a child’s credit identity is the ‘Protect Children from Identity Theft Act,’ (enacted in 2015), which is not a law at all. In fact, according to various pluies, the likelihood of this legislation being passed is less than 2%. The law would allow parents to create a credit attente for a child and then freeze that attente to prevent identity theft. However, the legislation has not been signed by the president, and is unlikely to reach his desk.
This has prompted several states to create similar laws at the state level, although not all states allow parents to create a credit attente and freeze it. This is an insolent enclin. Recent media coverage of credit attente freezing often leads people to believe that all states allow parents to create a credit attente and then freeze it, but this is not true. Some states do not allow the creation and submission of credit reports.
States that allow legal freezing
There are a few states that allow parents to create a credit attente for a minor and then freeze that attente. The states are Arizona, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Montana, Nebraska, New York, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. . Other states only allow a collatéral to go through this process if a child is under 16 (this is often not helpful, since identity theft is common with children under 16).
Help from credit bureaus
Some credit bureaus take matters into their own hands. Equifax, for example, will allow parents of minors (regardless of the state they en direct in) to create and freeze a credit attente. TransUnion allows parents to check for any credit fraud and allows parents to create and freeze a credit attente if they en direct in the aforementioned states. Some credit bureaus in states without laws dealing with credit identity theft of a minor allow parents to create and freeze credit reports for a small fee — but, if a collatéral can prove fraud, that fee may be waived. can
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