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A14 BUSINESS
Thursday 11 april 2024
5 questions to ask when helping an older parent with money

By JAE BRATTON wonderful credit scores be-
of NerdWallet cause of the age of their
Conversations about mon- credit histories,” Kishel says.
ey often require sensitivity “Protect the good credit
and patience, especially that you’ve fought so hard
when the person across the to build.”
table is an older parent. 4. DO YOU HAVE YOUR
Some of us won’t need or OWN CREDIT CARD?
want to get involved in Older parents should have
someone else’s finances. a credit account in their
But others may have to own name, and women
take an active role in help- may need to be especially
ing an older parent man- mindful on this point. Until
age their money. If that’s the Equal Credit Oppor-
the case for you, don’t ne- tunity Act of 1974, lenders
glect a discussion about could deny loans to wom-
credit. Good credit matters en without a male co-sign-
throughout life, so any con- er.
versation you have with As such, some older wom-
a parent should focus on en don’t have their own
building and maintaining credit history, leaving them
healthy credit. In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. financially vulnerable.
Here are five credit-relat- Associated Press It can be difficult to distin-
ed questions to ask older a plan together for elevat- nancial planner at Modera An identity theft report fro- guish the primary or the
parents if you don’t know ing it. Paying loan bal- Wealth Management in mIdentityTheft.gov. authorized user on a credit
where to begin. ances on time and using Atlanta, urges older peo- Proof of identity. card. Parents could be joint
1. WHAT’S YOUR CREDIT less than 30% of available ple to examine their credit A letter listing fraudulent owners, or one could be
SCORE? credit can lift scores. Older reports. The three major debts and information on the primary owner and the
Good credit scores can parents with limited credit credit bureaus, Equifax, Ex- the credit report. (7) other an authorized user.
create opportunities and can open a secured credit perian and TransUnion, of- 3. IS YOUR CREDIT FROZEN? Call the issuer of the card if
unlock lower interest rates, card to help them build a fer a free credit report ev- People can and do recover you’re not sure.
and they still matter even credit history. ery week. from identity theft or fraud, Advise the parent with au-
as we age. Maybe your 2. HAVE YOU REVIEWED Signs of identity theft or but it’s not always easy. thorized user status to get
parent wants to downsize YOUR CREDIT REPORT? fraud include credit cards Kishel’s advice: Freeze your their own card. If the ac-
to a new home or settle in In 2023, data compromises you don’t recognize, dis- credit to prevent fraud or count owner dies or re-
a retirement community; impacted more than 350 crepancies in loan balanc- theft from happening in moves the authorized user
having a good score can million Americans, accord- es on the report compared the first place. When your from the card, all account
be advantageous in both ing to the Identity Theft with your own records, mis- credit is frozen, it becomes activity is erased from the
scenarios. Resource Center. Each spelled names and unfa- inaccessible to fraudsters authorized user’s credit re-
Free credit scores are avail- data breach presents an miliar addresses. who may want to open port. That erasure could
able from personal finance opportunity for a bad ac- Identity theft victims can lines of credit in your name. damage the authorized
websites, credit card issuers tor to steal someone’s per- remove fraudulent debt For maximum protection, user’s credit if the account
and other financial institu- sonal information, which and information from their freeze your credit report was kept in pristine con-
tions. can cause serious financial credit report by submitting with all three credit bu- dition because all of that
If their score is lower than trouble for the victim. That’s the following to the credit reaus. good credit history goes
they had hoped, develop why Liz Kishel, a certified fi- bureaus: “A lot of (older adults) have away.q

Jessica Alba steps down as chief creative officer at Honest,

the personal care company she founded

Jessica Alba, who shot to fame in the James Cameron television series “Dark Angel,”
as well as films such as “Sin City” and the “Fantastic Four,” will step down as chief
creative officer at Honest Company, a personal care company that she founded.
Alba will keep a seat on the company board, but Honest said that she will now focus
on “new endeavors.”
The actress founded Honest in 2012 after she suffered allergic reactions to baby laun-
dry detergents.
The company went public in May 2021, with shares soaring 44% in their stock market
debut.
Sales at Honest Co. have risen steadily, but the company has struggled to turn a
profit. Late Thursday, the company put up its first profitable quarter since mid 2021.
“Honest has been a true labor of love for me one that showed me what’s possible
when you infuse purpose into business,” Alba said in a prepared statement.
Jessica Alba arrives at the third Los Angeles Beverly Arts Alba had early starring roles in Nickelodeon’s series “The Secret World of Alex Mack,”
(LABA) Icon Awards, Friday, Sept. 22, 2023, at the Four Seasons as well as the revival of the 1960s television series “Flipper.”
Hotel in Los Angeles. Shares of Honest Co., based in Los Angeles, fell slightly before the opening bell
Associated Press Wednesday.q