Using someone else's identity to obtain credit3 of 8The use of someone else's name and identity to obtain credit is an obvious no-no. But suppose -- and Kaplan says she's heard tales of such situations -- a parent whose credit has been ruined uses a child's name and identity to open new credit accounts. Illegal? You bet."It's illegal to pose as someone else," Kaplan says, "but there is also a moral question: Do you want to punish your child and wreck their credit as well?" Related Articles:CDs and investing newsletterConsumers gain from FinReg3 steps to boost your net worthRelated Links:Find the best MMA ratesAdvice from Dr. DonCalculate your savings goals advertisement
The use of someone else's name and identity to obtain credit is an obvious no-no. But suppose -- and Kaplan says she's heard tales of such situations -- a parent whose credit has been ruined uses a child's name and identity to open new credit accounts. Illegal? You bet.
"It's illegal to pose as someone else," Kaplan says, "but there is also a moral question: Do you want to punish your child and wreck their credit as well?"
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