What about someone's credit after that person is no more?

Many people in Saint Charles, Missouri and the rest of the country may think about what will happen to their estates after they pass away. While this may be a common concern, there may be some people who have also thought about what will happen to a person's credit record after the death of that person. People who think that credit reports after death are not important should think again because, nowadays, the existence of identity theft and fraud is extremely prevalent and that can impact the situation.

A deceased person undoubtedly cannot prevent identity theft or fraud from hurting them. Therefore, it becomes the responsibility of the estate's executor to inform all creditors of the person's death immediately after it occurs. In addition to informing creditors about the person's death, the estate executor must also inform the three major credit reporting agencies in the United States, which are Equifax, Experian and TransUnion. The executor needs to ask those creditors and agencies to mark the deceased person's file as "Deceased: Do not issue credit."

In addition to communicating via formal channels, the estate executor must also forward copies of the person's death certificate to the creditors and credit reporting agencies. It is important for the executor to send registered letters and maintain all correspondence copies for future reference. During that time, the executor may also request the creditors to provide a copy of the deceased person's credit report for reference purposes.

Keeping tabs on a deceased person's credit record is among the various responsibilities of an estate executor. That person may be aware of the various rules related to estate planning but Missouri probate laws or the unexpected appearance or disappearance of creditors and beneficiaries may present certain unique challenges, which may make the estate administration a difficult task. It may be a wise decision to retain a legal professional who can guide the executor through the entire estate administration process.

Source: Credit.com, "What Happens to Your Credit When You Die?," Lucy Lazarony, April 24, 2015

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