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How Do I Make Sure My Loved One’s Credit Card Accounts Are Secure?
A spouse or estate executor of the person who died should contact one of the three major credit reporting agencies — Equifax, Experian, or TransUnion — to report the death. […]
A spouse or estate executor of the person who died should contact one of the three major credit reporting agencies — Equifax, Experian, or TransUnion — to report the death. Whichever agency you report the death to will inform the other two bureaus, and all three will flag the person’s credit report with “deceased – do not issue credit” to prevent any further activity or any new accounts being opened under their name. You will typically need to send a copy of the death certificate, information about the loved one (full name, Social Security number, birthdate and location of birth, death date) and proof that you have legal authority to manage their accounts. It’s a good idea to make and keep copies of all the documentation you’re sending, and send the necessary documents via Certified Mail.
Notify One of the Three Major Credit Bureaus
Each bureau may have slightly different requirements or the ability to report the death online. Select from the list below for specific information.
Request a Credit Report
Get a copy of the loved one’s credit report from each of the three credit bureaus (again, you will likely need to provide a death certificate, their information and proof you’re authorized to handle their estate). It’s important to request a report from all three bureaus as some may contain different information. The report will allow you to review all open accounts, loans and credit lines so you can alert each creditor. It will also show you if any fraudulent accounts have been opened after the loved one’s date of death.
NOTE: The IRS recommends avoiding putting too much personal information in the loved one’s obituary, as this can be fodder for identity thieves. Information to avoid includes the person’s address, birthday, mother’s maiden name or other personal information.
Contact Creditors and Banks
Notify each credit card company, bank or other financial institution where your loved one had accounts. If they had a joint account with someone still living, inform that person that they will now be solely responsible for the account. You can call each credit card company and ask to connect with “Deceased Account Services” or possibly the “Estate Unit,” or check their website, to find out what is required to cancel the account.
- Any outstanding balances will typically need to be resolved through the loved one’s estate.
Cancel Recurring Payments
If your loved one had set up recurring payments using their credit card for services like utility bills, subscriptions or other accounts, you’ll need to cancel each separately. Simply canceling the credit card may not stop these payments from being processed. Review any statements or paperwork left behind for recurring charges, such as cell phone, internet and streaming services, then contact each service provider directly to cancel automatic payments tied to the credit card.
Dispose of the Card
After you’ve received confirmation from the issuer that the credit account is closed, destroy the card by shredding it or cutting it into pieces.
Monitor for Fraud
Even after you’ve notified all the proper institutions, continue to monitor your loved one’s accounts and credit reports for several months. Occasionally, fraudsters may attempt to use a deceased person’s identity long after their death.
Keep Documentation
Throughout this process, keep detailed records of your communication with creditors, credit bureaus and other institutions, including cancellation confirmations. This is helpful in case any disputes arise later.
By taking these steps, you can help secure your loved one’s credit and prevent fraud, and start the process of settling their financial affairs.
Sources
“Identity theft guide for individuals”. Internal Revenue Service. https://www.irs.gov/identity-theft-central/identity-theft-guide-for-individuals
“Certified Mail Guidebook.” USPS. https://postalpro.usps.com/certified-mail-guidebook
“Credit and Debt After Death: What You Need to Know”. Equifax. https://www.equifax.com/personal/education/life-stages/articles/-/learn/credit-accounts-after-death/
“How to cancel credit cards for someone who is deceased”. Bankrate. https://www.bankrate.com/credit-cards/advice/how-to-cancel-a-credit-card-after-death/
