Q: I was an authorized user under my fathers credit card. He Passed away with balance on his card. He had insurance protection but did not have his estate setup. Now the credit card company has reported the balance on my credit report. This has severely lowered my credit score. What do I need to do?
A: Most issuers report balances to the credit bureaus for all authorized users on an account, although becoming an authorized user on an account with long history and on-time payments is among the best to boost credit. However, if the account has a large balance with poor payment history then it can conversely damage your credit. You want to make sure it gets paid or settled promptly before this happens. As an authorized user you are not required to pay the balance. Contact an estate attorney who is familiar with credit issues.
