fbpx

How to manage the credit card accounts of a deceased person?

credit cards of a deceased person
Getting the financial accounts of a deceased person in order is the responsibility of the executor or administrator of the estate.

November 26 – Hispanic Solutions Group

Getting the financial accounts of a deceased person in order is the responsibility of the executor or administrator of the estate. This person is named in the will, but if there was no will, the court will appoint someone for the position.

It can be difficult when you are responsible for managing the credit card accounts of someone who has passed away. Here are four steps that can help make it easier for you,

  1. Make a list of the deceased person’s credit cards.

The first step is to organize by listing all of the deceased person’s credit cards. It’s also a good idea to list and, if possible, access your other financial accounts at this time. Since you will need to pay off the estate’s credit cards, it helps to know what assets the estate has available.

  1. Do not use or allow anyone else to use those credit card accounts

Once a person dies, it is fraud to use their credit card account, even for authorized users. The only exception is a joint credit card account. If you and the deceased were joint account holders on a credit card, you can continue to use it. Other than that, make sure you don’t use the deceased person’s credit cards. If there were authorized users, tell them to destroy or return their cards linked to the account.

  1. Notify credit card issuers.

Contact card issuers to obtain all of the deceased person’s credit cards. You can find the phone number on the back of each card. When you call, a representative can dial the account and explain the process to close the credit card. Credit card companies generally require you to send them a copy of the cardholder’s death certificate to close the account. This is also when you can discuss paying off those credit card balances. Or, if the deceased’s assets are not enough to cover it, you could possibly negotiate credit card debt with the card issuer.

  1. Notify the credit reporting agencies

Contact the three consumer credit bureaus: Equifax, Experian and TransUnion. It is important that they know about the death so that they can write it down on the deceased person’s credit file. This prevents identity theft because no one will be able to open new credit accounts in the name of the deceased.

Dealing with debt collectors

If the deceased had an outstanding debt, a debt collector may be able to contact you. Although the estate is supposed to pay debts in order, it is not uncommon for debt collectors to try to cut the line. It is best to leave the payment to the executor of the estate. If you are the executor and are not sure what to do, consulting with a probate attorney can help.

Keep in mind that you don’t need to talk to debt collectors. The Fair Debt Collection Practices Act gives you the right to request in writing that a debt collector stop contacting you. Once they receive your letter requesting this, the debt collector can only contact you to confirm that they will stop moving forward and to tell you that they are taking specific action, such as a lawsuit.

Finally, managing the debt of a loved one after their passing can be emotionally and financially difficult. Hopefully, knowing more about what to expect, and what you may or may not be responsible for, can help make the process easier.

If you have any questions related to finances, credits and other related topics, but do not know who to turn to, contact us by going to Hispanic Solutions Group, writing to info@hispanicsolutionsgroup.com, by calling 612-216-1599 or accessing financial information on YouTube, The credit channel, Our specialists in charge of Mrs. Jessica Aliaga will be informing you of any concerns about this and other financial matters of general interest and guidance as in this topic, today we bring you the following report so that you can make your most important economic decisions , also him We invite you to follow our social networks: LinkendIn, Facebook, Twitter and Instagram.