Your child is turning 16! As a parent in the US, your mind is occupied with planning the big sweet 16 party and preparing for a new driver on the road (and the crazy high insurance that goes with it). During this exciting time, there’s something else you should be thinking about—your child’s credit score.
Child identity theft is more common than we want to think it is. According to a study by Identity Theft Assistance, 1 in every 40 households with minor children has been affected by child identity theft. Thieves love this kind of identity theft because1) it gives them a clean slate because kids don’t have a credit history, and 2) it usually takes years before the crime is discovered—and it’s a lot of time to do some extensive damage. Many kids who have had their identities stolen don’t find out until they are adults trying to buy a car, apply for a college loan, or rent a place and they are denied due to low credit scores. At that point, it could take years to undo the damage and build a respectable credit score. No parent wants that for their child!
So when your child turns the …read more
Read the full article here: http://blogs.mcafee.com/consumer/sweet-sixteen-rule
