College savings account won’t appear on credit report or risk child’s identity

Dear Experian,

If a family member were to open college savings accounts in my children’s names, would that appear on a credit report? I’ve had to deal with identity errors with my husband, and I’m concerned that my sister would do this using her address and mess up my kid’s identities.



Dear CLE,

Opening a savings account in your children’s name is a wonderful idea, and it is very generous of your sister. Savings accounts opened for minor children should not have any effect on their credit histories.

Experian does not knowingly maintain reports on minor children. Therefore, your children should not have credit reports.

Additionally, savings accounts are not part of an individual’s credit history. Bank accounts such as checking or savings accounts are not reported in credit reports unless they become overdrawn or delinquent, resulting in a collection account.

Contact the bank directly to ask how the accounts would be set up and express any concerns you may have. Speaking with a bank representative should help to alleviate any fears you may have about the process.

Thanks for asking.

The “Ask Experian” team


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