Yes that is right you better protect your children’s identity before they end up owning a home of their own, or at least the credit that is associated with purchasing a new home, car, or boat. Unfortunately it may take several years for you to realize your child’s credit has been ripped off.
Usually after graduation and their first auto loan is being applied for is when you’ll be greeted with the pleasant surprise of, you guessed it, a horrible credit rating or even worse a locked credit score. In the case of the second good luck attempting to activate your credit, the credit bureaus will not tell you how to do it, you need to hire an attorney. If you are interested in learning more read the following article, Kids with mortgages, credit card bills and auto loans, by Eileen Ambrose of the Baltimore Sun. It is an excellent example of what happens to people who do not take identity theft seriously for their families.