Protect your kid from a having a credit catastrophe before reaching puberty. By THE HOME ECONOMIST

Protect your kid from having a credit crisis before puberty

As if there wasn’t enough paranoia associated with parenting, scammers are now out there stealing our kids’ Social Security numbers and reselling them. How? They promise to help people with poor credit start anew. Anyone who believes them pays a fee and in turn gets a Credit Profile Number, or a CPN, which they’re supposed to use when applying for credit cards and mortgages. Well, that number could actually be one of our kids’ Social Security numbers — being used by people who are not exactly known to be financially responsible. Here’s how to protect your kids credit.

1) Check to see if your child has a credit report. If so, check it as often as the law allows you to for free, says the FTC. Look for anything unusual.

CLICK HERE TO CHECK YOUR KIDS CREDIT REPORT

2) Find out who at school has access to your child’s personal information and read the notices they’re required to send under the Family Educational Rights and Privacy Act. Did you know about that law? Neither did we. But it protects your kid’s privacy and gives you the right to opt out of the school’s releasing information to third parties – including other families.

3) Don’t forget the internet stuff so obvious it’s easy to ignore – use firewall protection, make sure you’re entering information on a secure connection – https – and don’t forget to log out of password protected sites.

4) Talk to your child about how it’s important to keep all passwords PRIVATE.

WARNING SIGNS YOUR CHILD’S INFORMATION HAS BEEN STOLEN OR SOLD

1) Credit agencies or medical providers call, asking for your child or marketing companies send mail to her. It’s not simply a mistake, it’s a red flag for danger.

2) A government agency – such as the IRS or Social Security Administration – calls or writes asking to confirm your child is employed – particularly if he’s never had a job.

3) The IRS tells you your child’s information appears on another return or that she owes money – even though she’s never had a job.