When Axton Betz-Hamilton set up her first utility bill at college, she soon realized something was very, very wrong.
It turned out she’d been a victim of identity theft—and it had destroyed her credit rating.
In 2001, when she was a 19-year-old student, Betz-Hamilton’s new utility provider demanded a $100 security deposit to turn on her service, citing her credit score.
“I thought it was because I didn’t have enough credit,” she told Fortune. But when a copy of her credit report turned up in her mailbox six weeks later, she learned the opposite was true.
Why would any child need to take out a bank loan anyway? I feel like this is an easy fix by setting an age limit.
Cause a 19 year old can live by themselves, and is an adult? If you’re an adult and you’re expected to be financially independent, loans are an important part of that. They need a car, rent, unexpected bills, etc.