How to Protect Your Kids Credit

In this episode, we're talking about protecting your kid's identity and building their credit.

You might be surprised to learn that 1 in 50 children is affected by child identity fraud, costing consumers nearly $1 billion per year. So, how do you make sure your child isn't the one whose identity is stolen? Glad you asked, because that's the question we're going to answer today.

Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. And today's guest is Erik Beguin, founder and CEO of Austin Capital Bank, FreeKick, and CreditStrong.

Full disclosure: We have an advertising relationship with Austin Capital Bank, but that doesn't affect our opinions. Know why? Because we're journalists, that's why! Before we start, remember this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

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Your credit matters: what you need to know

We talk about the importance of credit. In fact, your credit can impact the types of financial services you have access to and your interest rates. If you want to learn more about credit, credit scores and identity fraud, we have some resources that might help you make the most of what's next.

• How to Build Your Credit in 2023
• Bad or No Credit Score? CreditStrong Can Help
• A New Way to Get Your Credit Score for Free — Straight From FICO
• What Employers Really See When They Run a Credit Check
• 8 Types of Companies That Look at Your Credit Report
• 7 Surprising Things That Damage Your Credit Score
• Can Carrying a Small Credit Card Balance Help Your Credit Score?
• Credit Scores: Everything You Need to Know
• This Type of Debt No Longer Can Harm Your Credit Score
• 3 Powerful Tools to Destroy Your Debts and Renew Your Credit
• What Is a Secured Credit Card and How Can It Boost Credit?
• 9 States Where People Face the Highest Risk of Identity Theft and Fraud
• The Best Free Password Managers for Protecting Your Identity

Help your kids learn about money

It's not just about boosting your kid's credit score and protecting them from identity theft. You also need to give them a head start on managing their finances in a healthy way. Here are some resources we provide that can help you with your kids' needs, including how you can save money while you raise your children.

We also encourage you to check out the Equifax Minor Freeze Request Form and the FTC ID Theft Report Form. You can also use the FTC guide: How to Protect Your Child From Identity Theft.

• 5 Tips for Helping Your Kids Become Financial Grownups
• Here's How Much It Costs to Raise a Child These Days
• 8 Tips on How to Help Your Grandchildren Financially
• 4 Financial Steps to Take if You're Raising a Child With Special Needs
• How ‘Mean Moms' Teach Their Kids About Money
• How to Teach Your Kids About Budgets
• 17 Super Smart Ways to Get Cheap or Free Books for Kids
• 5 Best Ways to Save Money for Kids
• How to Clothe the Kids Without Busting Your Budget
• 4 Ways to Save Money on Kids' Sports and Activities
• 18 Restaurant Deals Where Kids Eat Free or for Cheap
• 10 Things to Let Kids Pay for Themselves

Meet this week's guest, Erik Beguin

As CEO and founder of Austin Capital Bank, Credit Strong, and FreeKick, Erik Beguin is recognized as an industry leader in creating credit-building and identity protection products for consumers. Erik is also recognized nationally as an expert in banking and financial technology, having served as an appointed advisor to both the Federal Reserve and Consumer Financial Protection Bureau (CFPB).

He received an MBA with distinction from the University of Michigan Ross School of Business, a BA in accounting and economics summa cum laude from Luther College in Decorah, Iowa, and is a certified public accountant.

• Linked In
• FreeKick
• Credit Strong
• Austin Capital Bank

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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