Insurance companies often use information in a person’s credit report to determine how much to charge for automobile and homeowner’s insurance. Information in a credit report impacts how much a person pays for loans and other credit. The credit reporting agencies provide the above information in a credit report to organizations or individuals when requested. It identifies companies that extend credit and/or loans, credit limits, payment history, delinquent accounts, bankruptcies, foreclosures or lawsuits.
A credit report is a record of an individual’s credit activity and history. There are three major credit reporting agencies – Equifax, Experian and TransUnion – that gather and maintain information about individuals. Educate youth on the credit report process so they continue this practice after foster care.
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Teach youth how to review a credit report, and.Assist youth in understanding the importance of having a credit check completed.Identify if youth have been subject to identity theft, and resolve inaccuracies.1, 2015, the requirement for youth in foster care age 14 and older to obtain annual credit reports was added to Minnesota Statutes, section 260C.212, subdivision 1 (c) (12) (iv). The law expanded the requirement that youth in foster care age 14 and older receive a copy of their consumer credit report, as defined in section 13C.001, annually until discharged from foster care, and receive assistance in interpreting the credit report and resolving any inaccuracies. 29, 2014, the Preventing Sex Trafficking and Strengthening Families Act, Public Law 113-183, was signed.
When negative credit issues exists for children, the information needs to be corrected to protect their identity and future credit. If credit issues exist for a child under age 18, it may be due to error, fraud or identity theft. In most cases, children in foster care should not have credit issues because minor children do not usually have the legal capacity to sign a contract or apply for credit on their own.
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