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Friday, May 2, 2014

CFPB: Tools to Protect Foster Care Children From Credit Reporting Problems

The CFPB is releasing action letters it published for child welfare caseworkers to send to credit bureaus if they find errors on the credit reports of the children in their care. These tools are meant to better protect children in the foster care system from credit reporting problems that could compromise their future credit.

Youths in foster care are more susceptible to credit problems and identity theft because they often lack a permanent address, and their personal information is frequently shared among numerous adults and agency databases. Currently, federal law requires that youths in foster care who are 16 and older receive a free copy of any credit reports annually. To help the foster care system correct any errors before the person turns 18, the CFPB is publishing three action letters that foster care workers can use if they find errors in the youths’ credit reports.

Read more.

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