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Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Credit report on minor?

Watched Suze Orman last night. She said we should be checking our child's credit report. Our daughter is 16 and is an AU on a few of our cards.

 

Can we just go on to annualcreditreport.com and pull a child's report? I thought we couldn't do that.

 

I didn't want to go ahead and try in case it would trigger some type of fraud alert process....so, I came here for advice from the experts. Anyone had experience with this?

Regular Contributor
soliloquy
Posts: 154
Registered: ‎01-29-2010
0

Re: Credit report on minor?

I know that when i was 18 and applied or a credit card I had a Pacific Bell debt on my credit report from when my mother used my SSN to have her phone turned on. Crazy part is I didn't even live with her because my father raised me alone from the time I was three. It didn't take much for me to prove it wasn't my debt but I hear it's not uncommon for a child's SSN to be used without the child or the parent's knowledge so it's a good thing to check it out. I'd call EQ/TU/EX and ask them directly how you should proceed.
Moderator Emeritus
MarineVietVet
Posts: 14,577
Registered: ‎07-14-2009
0

Re: Credit report on minor?


CreditBob wrote:

There are two problems that you are realistically going to run into. First of all authorized user accounts are no longer calculated in the Pico credit score formula. Second more & more creditors will not accept an authorized user account. Now here is the reason why. Having accounts (trade lines) demonstrate the person's ability to payback accounts through their actions. In other words they have to earn it. The actions of an authorized user does not demonstrate responsibility. So it is only fair that in order to get a good credit rating each person must earn it. The only way to do that is for your daughter to open an account when she turns 18 years old. And of course all credit card applicants under the age of 21 must have a cosigner and this new law will take effect tomorrow on February 1, 2010.

 

This is how myself and lenders look at authorized users, and I know this because I have talked to some of the executives with the major banks & credit card companies. Having a good credit rating has to be earned and can not just be handed out like candy. It is also looked at being dishonest. The lender also can not get a feel for the person as far as their credit character goes which leads to the question, will this person be able to payback the loan or credit card because the account does not belong to them?

 thing that was on their credit report was authorized user accounts from mom & dad. If I were you I would have those accounts removed because it will not do your child any good. The same thing goes with auto & student loans or any other type of credit.

Also there are lenders that are going through their consumer files and weeding out the authorized users. Furthermore some of them are having the accounts removed. Here is another situation that I am aware of. A few individuals have gotten turned down within the last few months because the only had authorized user accounts reporting and nothing else.


Now would you mind answering the original question:

 

Can we just go on to annualcreditreport.com and pull a child's report?

New Contributor
rosa29617
Posts: 74
Registered: ‎01-25-2010
0

Re: Credit report on minor?

Lynette, I tried to pull a report on my daughter today, she is seventeen. The response I received was: there is no file on her; in small print it was noted that one must be age 18 before a credit file can be generated. So, I assume since she is under age, it is standard that she has no credit and therefore nothing can be reported.
Member
Buffaloman57
Posts: 6
Registered: ‎02-26-2009
0

Re: Credit report on minor?

I also tried tp pull my daughters report and it came back she most be 18 to get a report.
Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Credit report on minor?

Sorry, Lynette...I don't know the answer to that.

 

 

 

 

@CreditBob:  I've replied to your post (above) in the thread you started (with that very same post).

Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Credit report on minor?

Thank you very much for the reports on the unsuccessful attempts.

 

I wonder why Suze Orman said we should be checking their credit reports for fraud?

Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Credit report on minor?

Lynette,

 

In late 2008 I had reason to suspect that my child had been the victim of identity theft. I had to send a copy of her birth certificate (which establishes the parent child relationship), a copy of her SS card, and a copy of *my* DL to the three credit bureaus, making certain to sign the request. Each of the bureaus have guidelines for what they require, so just double-check that nothing has changed since I sought this information.

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Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Credit report on minor?


LilMirth wrote:

Lynette,

 

In late 2008 I had reason to suspect that my child had been the victim of identity theft. I had to send a copy of her birth certificate (which establishes the parent child relationship), a copy of her SS card, and a copy of *my* DL to the three credit bureaus, making certain to sign the request. Each of the bureaus have guidelines for what they require, so just double-check that nothing has changed since I sought this information.


 

Thanks, I'll check it out.

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