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Here’s what to do when debt collectors come after your toddler

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3. Freeze your child’s credit

Depending on the state where you reside, you may be able to proactively freeze your child’s credit file so that no one (not even your child) can open new lines of credit in his or her name, Velasquez said. Check with your state attorney general and the three major credit reporting companies — Equifax, Experian and TransUnion — for details on the process.

If you take that step on behalf of your children, make sure that you’re not the only person to know the PIN to lift the freeze, Velasquez said. (You might share that detail with your estate planner or the person named as guardian in your will, for example.)

4. Monitor for red flags

A credit freeze only helps on credit, and there are plenty of other avenues where a Social Security number or other data can be misused, Amissi said. Think fraudulent tax returns, for example, or exploitation to obtain medical treatment or mislead law enforcement.

So be alert for unusual calls or mailings that would point to an adult problem, like that jury summons, collection calls or a rush of preapproved credit card offers.

Source: on 2018-04-24 09:18:45

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