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Parents with children older than one year must file a Social Security Number for their children to qualify for tax deduction. However, with the prevalence of child identity theft, parents must be more cautious to protect their children from this crime.

In 2005, an estimated 8.3 million people have been victims of identity theft. This staggering report was by the Federal Trade Commission (FTC). From these cases, about half has caused damages amounting from $500 to as much as $6,000.

As cases of stolen identity continues to grow, more and more people are becoming aware of the need to protect their personal information. In the past years, people who suspect identity theft or fraud put their credit reports on fraud alert. Today however, there is a new way to protect one’s credit report against unauthorized access and that is a credit freeze.

Consumers are encouraged to get a copy of their credit report and check their credit rating from the credit reporting agencies. Nevertheless, not everyone understands what the credit agencies actually do. In this post, we will talk about the role that credit bureaus play in building credit history.

When is it best to obtain a copy of your credit report? The best time is at least six months prior to submitting your credit application. Why so? Looking at your personal credit report ahead of time will give you the chance to take the necessary action, in case you may need improvement with your credit score or if there are errors in your report. Hence, you can avoid getting declined by a lender.