Did you know there are no laws regarding the minimum age a minor must be before the credit reporting agencies begin compiling information about them? Unfortunately, many parents assume they don’t have to worry about their child’s credit until they turn 18, which is far from the truth. As such, you may be shocked to discover that your child has debt listed on their report. If this reflects your circumstances, you’ll want to keep reading to learn how this happens and what you can do with the help of a Los Angeles, California identity theft lawyer to remedy the situation and set your child up for future financial success.
Why Does My Child Have Debt?
If you have recently checked your child’s credit report only to find they have debt accumulated despite having no loans or accounts in their name, it’s important to understand what the causes could be. One possible answer is that they are an authorized user on your credit card. Many parents will allow their children to use their credit cards to help build up their credit scores for the future. However, if your card has late payments and accumulated debt, it will reflect on your child’s credit as well.
Unfortunately, the other answer may be that your child is a victim of identity theft. Because most parents don’t know that children can have credit reports and therefore fail to check them, you’ll find that they often make the “perfect” victims, as they also tend to have a clean slate. Because parents are unaware of these reports, they fail to check them until it’s too late. This can severely impact your child’s financial future, as these unpaid bills can drastically reduce your child’s credit score.
What Can I Do if They Are a Victim of Fraud?
If you discover that your child is a victim of fraud, it’s important to understand your legal options. Generally, one of the first things you should do is place a credit freeze on your child’s report, which can help prevent additional accounts from being opened in their name.
Next, you should file a formal police report and a report with the Federal Trade Commission. Both of these can assist you when disputing the inclusion of this information on your child’s account. When disputing the inclusion of this information, you’ll need to include a hard copy of your child’s credit report and additional supplemental information to help support that your child is a victim of fraud.
Unfortunately, this process can be incredibly overwhelming. That’s why it’s recommended to connect with an experienced criminal defense attorney with Los Angeles Legal Solutions. Our firm understands how difficult this process can be, which is why we will do everything in our power to help you rectify the injustice your child is facing. Contact us today to learn how we can fight for you during these difficult times.
