![]() Your parent or loved one is entitled to a free copy of their credit report every 12 months from all three nationwide credit bureaus. If your friend or relative has a credit history, checking their credit reports can help you ensure the information is accurate and complete. If you have a Power of Attorney or are a court-appointed guardian, you can contact your parent or loved one's lenders and creditors and banks to find out what information you'll need to provide to gain access to their accounts. The Consumer Financial Protection Bureau also has financial caregiving resources on its website. An attorney can help you find out more about options. A Power of Attorney is a legal document in which the person appoints someone else to act for them under certain circumstances.Īs part of your preparation, consider gathering information such as personal identification numbers (PINs) for bank cards, access codes and even passwords for online accounts.įor someone who cannot manage their finances alone and has not signed a Power of Attorney appointing someone to act on their behalf, a court-appointed guardian can be designated. If they are able, your parent or loved one may sign a Power of Attorney to designate someone to assist with finances if they become incapacitated. In addition, they could pile up unnecessary debt miss credit card or bill payments, which may impact their credit reports and trigger late fees or penalties and they could be unable to recognize signs of fraud or identity theft. Why it’s important: If your parent or other loved one is unable – or becomes unable - to manage their credit accounts and finances, and you haven’t been able to plan ahead, you may need to piece together their financial affairs yourself. If it becomes necessary, that person can help pay bills on time, make timely deposits and withdrawals, monitor account balances, and stay vigilant in checking for signs of fraud or identity theft. This may be especially important if he or she is in the early stages of a progressive disease involving memory loss. If your parent still has active financial and credit accounts, you might suggest he or she add a trusted family member or friend to their credit or bank accounts. It can be an overwhelming task, but there are some steps you may want to consider – both before and after a need arises – to help better protect them from fraud or identity theft. consumers find themselves managing finances and credit accounts for an aging parent, friend, or family member with special needs. You can place a security freeze or fraud alert on the person’s credit reportsĮach year, millions of U.S.Plan ahead, if you can, in the case of an aging parent.
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