3 On Your Side: Getting Your FREE Credit Report
By Jim Donovan
PHILADELPHIA (CBS) -- When was the last time that you checked your credit report?
It seems with each new year, incidents of identity theft rise. You can become a victim at any age, even children can be targets. 3 On Your Side Consumer Reporter Jim Donovan has information to protect you and your family.
Neala Elsworth was shocked when her kids' insurance claims were denied. According to Elsworth, "They told me three out of four of my kids have another insurance."
She discovered someone else was using her kids' Social Security numbers to get benefits in another state.
"Child ID theft is about 50 times higher than it is for adults," says Kenneth Abbe, of the Federal Trade Commission.
By one estimate, one out of 10 children have had someone else using their Social Security number. It's something parents don't often discover until their kids get credit card applications, collection notices, letters from the IRS or worse, when they're denied a student loan.
"Parents should check every three to four years to see if their child has a credit report, but especially check when the child turns 16," says Abbe.
That should provide plenty of time to clean up compromised credit before they turn 18. Until then, kids shouldn't have a credit report at all.
Elsworth is urging other parents to be proactive. She says, "Make sure your child's identity isn't getting stolen, because it could happen. I never thought it would happen to me, but it's happened."
Every year, you're entitled to one free credit report from each of the three major credit reporting agencies, for a total of three per year. You can get them for free at www.annualcreditreport.com.
You should start checking your kid's credit report at least by the time he or she is 13. Adults may request their children's credit reports upon providing documentation demonstrating they are the child's legal guardian.
For more information, visit: www.consumerfinance.gov/askcfpb/1271/should-i-request-credit-reports-my-children.html