How to Monitor Your Child’s Credit Score

In a perfect world, you wouldn't have to worry about your child's credit. Unfortunately, financial fraud is on the rise, with the FTC reporting $16 billion lost to fraud last year alone. If you don't stay vigilant, your child could turn 18 and find out they've already been saddled with fraudulent debt.

In this article, we'll take you through how to monitor child credit scores to protect your child's financial future.

How to monitor child credit scores

To keep an eye on your own credit score, request a free copy of your credit report at AnnualCreditReport.com or sign up for a credit monitoring service. Many banks, credit card issuers, and credit-builder apps like Kikoff let you monitor your credit, too. 

Children generally don't have credit scores, so monitoring your child's credit is a little different. You typically have to contact each credit bureau and ask it to search for a credit report in your minor child's name.

Each credit bureau has slightly different procedures:

• Experian offers an online portal where parents can submit Child Identity Theft Protection forms.
• TransUnion offers an online portal where parents can submit a Child Identity Theft Inquiry.
• Equifax typically requires parents to get in touch by mail.

Why monitoring your child's credit matters

If your child is under 18, they typically won't have a credit report. However, there are a few situations where they might:

• An adult added the childas an authorized user on their credit account
• They are a joint account holder with an adult
• A credit file was created by mistake when someone with a similar name applied for credit
• An identity thief has stolen their information

Acting fast can help limit the window in which fraudulent accounts can be opened in your child's name.

What to do if your child's identity has been stolen

Here are four general steps most families take after suspecting identity theft involving a minor.

Report identity theft

Identity theft is a crime. Filing a report with the Federal Trade Commission at IdentityTheft.gov is a standard first step. Most bureaus and lenders require documentation of a report before processing a dispute.

Request a credit freeze

Placing a credit freeze on your child's credit is one way to reduce the risk of additional fraudulent accounts.

Dispute with credit bureaus

You might also need to open formal disputes with each of the three credit bureaus. Providing proof that your child is a minor is an important step in disputing fraudulent accounts, though a bureau may require additional documentation.

Get additional help

Consider speaking with a nonprofit credit counselor or licensed attorney for personalized guidance. The National Foundation for Credit Counseling (NFCC) offers free or low-cost counseling at 1-800-388-2227.

Bottom line

When you periodically check to see if your child has a credit report, you're helping them lay the foundation for a bright financial future. Periodically checking your own credit score is a worthwhile habit. Staying informed about your own credit report can help you spot problems early.

Kikoff offers credit monitoring tools to help you stay on top of your report.