Do you have questions about credit cards? Check out this source.

offers news and advice.

May 22, 2017 from 6 steps to close accounts when a cardholder dies

When someone dies, the task of notifying financial institutions and closing credit card accounts can easily be forgotten or pushed aside.

Unfortunately, if card accounts are not dealt with properly and immediately, problems can crop up that make life more difficult later. Family members and others may innocently – or not so innocently – continue to use the deceased person’s card. Identity thieves troll the obituaries and online records to learn about recent deaths, so they can steal from accounts or create new ones. Banks may send out late notices and add extra fees when the next payment is missed…

Additional information provided by Maine’s Bureau of Consumer Credit Protection: 

As the article states, creditors like a credit card company come last in priority, just in front of heirs.  Secured claims, taxes, administrative expenses and various rights of spouses and heirs all come before unsecured creditors receive anything.  If there is no money left in the estate, such creditors will receive nothing.

In Maine, a notice to creditors is published by the clerk of probate.  Creditors (other than the government) have four months to file a claim or the collection of the debt is barred.  Payment is not usually made until at least 6 months has passed and usually longer.

May 19, 2017 from Suspect card fraud? How to file a claim

If you spot an unauthorized purchase on your credit or debit card statement, will you know what to do, who to call, and how to protect your account?

Forty-seven percent of Americans have experienced card fraud in the past five years, according to the ACI Worldwide 2016 Global Consumer Card Fraud report.

Knowing what actually constitutes fraud, and what to do when it happens, is the best way to protect yourself from additional bogus charges, and potential liability for not reporting it in a timely manner…

 

More information provided by Maine’s Bureau of Consumer Credit Protection: 

Mainers are uniquely protected by one of the finest file freeze law in the U.S.

Maine’s file freeze law went into effect on 10/15/15, and allows adult Maine residents to place a lock or freeze on their credit files with the major reporting agencies: Equifax (1-800-349-9960), Experian (1-888-397-3742) and Trans Union (1-888-909-8872).   Each consumer reporting agency (CRA) has a separate file freeze number (previously listed), which allows consumers to speak on a secure, automated line—providing personal information like their name, address, Social Security number, and date of birth.  The file freeze is immediate, and the length of the freeze is the option of the consumer.   The CRA then mails (10 days to 3 weeks) an envelope to the consumer containing a special personal identification number or PIN, and a dedicated toll-free number to call to lock/unlock the credit file.  A personal assistant or executor of an estate should consider locking down the decedent’s credit file upon death to reduce the chance of nefarious/illegal uses of that person’s identity. 

A national law, the Fair and Accurate Credit Transactions Act or FACT Act, allows each consumer to order a free copy of their credit files (Equifax, Experian & Trans Union) once each year by calling 1-877-322-8228).   A review of the active credit accounts of a decedent, including credit cards, is a good first step in determining if the estate has any outstanding credit accounts that need to be paid off. 

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