Minors under 18 typically do not have credit reports. That means they present a blank slate for fraudsters who can apply for credit and take out loans in their name. Minors with significant wealth are prime targets for identity theft, and inheritances can make minors targets for various types of fraud.
A security freeze is one tool you can use to restrict access to your minor dependent’s credit reports. A freeze for a minor is called a Protected Consumer Freeze.
You’ll need to provide documentation to verify their identity, your identity, and your ability to act on their behalf. Each credit bureau has its own set of requirements, and security freezes must be placed separately with each of the three nationwide credit bureaus (Equifax, Experian, and TransUnion).
Below are general steps for freezing a minor’s credit report with each bureau as of this article’s publishing date.
General Preparation
Before you start the process with each bureau, gather the necessary documents. You will typically need:
- A copy of the minor’s birth certificate.
- A copy of the minor’s Social Security card.
- A copy of your government-issued ID, such as a driver’s license.
- Proof of residence (e.g., utility bill with your name and address).
- Legal documentation proving your authority to act on behalf of the minor (if you are not the parent).
Experian
- Initiate the Process: Visit Experian’s website dedicated to child credit freezing or contact them directly for instructions on where to send the documentation.
- Complete the Form: Fill out Experian’s “Minor Freeze Request Form,” available on their website.
- Submit Documentation: Mail the completed form along with the required documentation (listed above) to the address provided by Experian.
- Confirmation: Experian will process the request and send a confirmation, including information on how to manage the freeze.
TransUnion
- Gather Information: TransUnion requires you to create a file for your child if they don’t already have one, which you can do as part of the freeze process.
- Contact TransUnion: Visit the TransUnion website to find the current instructions and mailing address for freezing a minor’s credit. They offer a Child Identity Theft Inquiry Form to start the process.
- Submit Required Documentation: Send the completed inquiry form along with the necessary documents to the provided address.
- Confirmation: TransUnion will notify you once the freeze is in place or if additional information is needed.
Equifax
- Download and Complete the Form: Equifax has a “Minor Freeze Request Form” available on their website. Download, print, and fill it out.
- Compile Documentation: Collect all required documents to prove your identity, your child’s identity, and your relationship to the child.
- Submit the Request: Mail the completed form and copies of the required documents to the Equifax address specified for minor credit freezes.
- Confirmation: Equifax will process your request and send a confirmation letter with details on the freeze.
Important Notes
- Freezing a minor’s credit report is free.
- Remember to lift or temporarily thaw the freeze when necessary, such as when your child needs to apply for student loans or a job that requires a credit check.
- Keep all confirmation letters and PINs/passwords in a safe place to manage the freeze in the future.
- Since specifics can change, always check each bureau’s website for the most current information and addresses before sending your documents.
The process for placing a freeze can change at any time, and it’s crucial to check the latest guidelines on each credit bureau’s official website or contact them directly for the most accurate and up-to-date information. If you are a client of The Wealth Conservancy, reach out to your advisor if you’d like to discuss this strategy or any others aimed at safeguarding your child’s financial future. We can provide advice and assistance tailored to your specific situation.