QUESTION
How can I ensure that my parent's bankruptcy filing doesn't affect me?
Asked on Dec 13th, 2011 on Bankruptcy - Michigan
More details to this question:
My parents filed for bankruptcy and was approved a year ago. In the process of completing college financial aid for a grad plus loan, a credit check indicated a credit card that does not belong to me. The card belonged to my mother who filed for bankruptcy a year ago. This information was never on my credit check before. Do I contact Chase bank to explain the situation?
6 ANSWERS
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If your credit report is incorrect write a letter to the various credit reporting agencies telling them to delete the erroneous information.
Answered on Dec 15th, 2011 at 11:38 PM
If you are not a co-borrower, co-signer, or joint account holder on any accounts with your parents (and vice-versa), then you should not have much of an issue. If your parents added you on as an 'authorized user' to any of their accounts, then the accounts may appear on your credit report along with the bankruptcy notation. However, you do not have any personal obligation to repay on an authorized-user account, and if you did not request authorization to use that account, then the tradeline may be removed from your credit report. This can be accomplished through correspondence with the credit bureaus and/or directly with the creditor. I have successfully assisted people in removing such accounts from their credit reports.
Answered on Dec 15th, 2011 at 11:37 AM
Glen Edward Ashman
If there is an error on your credit report, start by challenging it with the credit reporting agency.
Answered on Dec 15th, 2011 at 9:31 AM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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You were probably an authorized user of the card. The fact that your credit report says that the credit debt was discharged in bankrutpcy or was involved in a bankruptcy case should not affect your credit score. It was not your debt and you had no obligation to pay it if you were only an authorized user. There is nothing you can do about it but you might want to clarify the situation for the bank although it should not be necessary since your credit report does not mention that you filed a bankrutpcy case and usually there is a question on the application about bankrutpcy cases that you might have filed. If you were jointly a debtor with your mother then you would still have to pay the credit card but it sounds like you were just an authorized user.
Answered on Dec 15th, 2011 at 8:43 AM
You file a dispute with the credit reporting agency who then contacts the creditor.
Answered on Dec 14th, 2011 at 9:30 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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You fill out a form objecting to the misinformation directly to the credit reporting agency.
Answered on Dec 14th, 2011 at 9:25 PM