Thursday, June 17, 2010
It seems that a new form of child abuse is the parental abuse of a child’s credit rating. These days, perhaps it could become a particular problem. CNNMoney.com reports:
For parents who've wrecked their own credit rating, cashing in on junior's clean financial history is increasingly tempting.
Children make easy targets for identity thieves because they don't use their own credit and likely wouldn't notice any discrepancies until they reach adulthood.
And when a parent uses his or her own child, the risk of prosecution is lower because of the family ties. It's not easy to turn in mom and dad, especially if they were simply trying to provide for the family.
Read more here.