By YOUNG MONEY Staff
14 June 2010

Really, what does dad know anyway?

As it turns out, quite a bit, according to a recent release from the Federal Trade Commission. In honor of Father's Day, the regulator highlighted how some traditional pieces of fatherly advice may actually help younger people deal with their security and personal finance goals.

Take, for example, that typical complaint of many dads: How their kids present themselves. Taken as a piece of computer safety advice, it can actually come in handy. The things people post on their social networking pages could come back to haunt them when applying to colleges or looking for employment.

Then there's the classic warning of something going on a person's "permanent record." As it turns out, dad may actually be right.

"You do have a permanent record, and it's called a credit report," the FTC said. "Employers, landlords, and others consult your credit report to see if you pay your bills on time, so it's important that what’s in it is accurate."

Young people who are interest in checking up on their credit report should know they are entitled by law to a free copy every year from the three main credit reporting bureaus.