Check Your Credit or It Could Cost You - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Check Your Credit or It Could Cost You

More and more children's identities are being stolen... By their parents. It's shocking but true. Before some kids are even old enough to go to school, they've bought boats, houses and cars... And they don't even know it.

Many local parents think the answer to their credit nightmares is to open up more accounts and get loans in their children's names. Janna Keihl with the Better Business Bureau says "It's one of Amarillo's biggest problems. Out of the 150 to 160 identity theft cases Amarillo Police Department sees every month, a good majority of those are cases involving a child, and in most instances, parents stealing the child's identity. Most often, the child doesn't find out about their bad credit score until they're much older... When they go to buy a car or a house and not given a loan because of their poor credit history. And by then, unfortunately, it's too late.

Kiehl says "you have to do this on your own. No one else can fix this problem except for the victim. Which is in this case the child. It's unfortunate family members can abuse your card and rack up unwanted credit, but in the end, they leave you with the problems." The Better Business Bureau recommends you check both yours and your child's credit scores online at least once every year. Kiehl says it's entirely free and could save you big time in the long run. To check your credit score you can go to www.annualcreditreport.com.

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