Why Does My Child Have Debt?

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When you have a child, there are many considerations you’ll need to make to help them achieve success in the future. However, if your child applies for a car loan, student loan, or credit card, they may be shocked to discover significant debt on their credit reports. If you are a parent concerned about debts appearing on your child’s account, understanding the steps you can take to monitor and repair a credit report on behalf of your child is vital. Keep reading to learn how a Los Angeles, California identity theft lawyer can assist if you discover your child is the victim of identity theft.

How Can a Child Have Debt on Their Credit Report?

Generally, you can check to see if your minor child has a credit report. In most instances, your child will only have a credit report if they are an authorized user of a credit card. Similarly, if your child is the victim of identity theft, they may also have a credit report under their name.

Unfortunately, identity theft is the most common reason that a child may have debt listed on their credit report. As such, it’s imperative to understand how to check their credit report to ensure there are no errors or inconsistencies. Generally, each credit agency has a specific location where you can request your child’s credit report. However, you will need to provide sufficient evidence to prove you are their parent or guardian.

Children are often vulnerable to identity theft because they typically do not have credit reports. As such, it can be easy to use their information to apply for a loan in their name. Additionally, because children do not have the ability to take out loans, many parents do not think to check their credit report until they need to apply for a loan.

What Can I Do to Repair Their Credit?

If your child is the victim of identity theft, there are steps you must take to help remove the information from their account and repair their identity. Generally, you must contact the credit reporting agency to inform them that your child is a minor. As such, they legally cannot enter contracts, and the information on their credit report is the result of identity theft.

To help prove that your child is a minor, you can submit a copy of the Federal Trade Commission’s Minor’s Status Declaration Form. When you complete and send in the form, you’ll also need to request their credit report is cleaned of any accounts or inquiries.

How Can a Los Angeles Attorney Help Me?

If you are having issues remedying the situation, it’s necessary to understand how an attorney can guide you through this complex process. Unfortunately, dealing with credit reporting agencies and creditors trying to collect a debt your minor child never took out can be incredibly frustrating. As such, enlisting the help of a layer can guide you through this process.

At Los Angeles Legal Solutions, we understand how devastating it can be to learn that your child is the victim of identity theft. Our dedicated team will do everything possible to assist you through these times so your child can regain control of their identity as they head into adulthood. Contact us today to learn how we can assist you during these challenging times.

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