Yo Money Minder,
Man, let me give you the lowdown real quick. I was living it up abroad for a hot minute. When I finally came back to the States, I braced myself for some credit drama. I’ve slacked on my student loan payments before, and I didn’t even have a credit card here when I left. So, imagine my lack of surprise when I saw my score in the high 500s (honestly, I have no clue what’s good or not).
I decided to grab a credit-building card last month to try and turn things around. But then, I dug deeper and found something unexpected. There’s a card under my name that I never signed up for. Confused, I contacted the company and dug into it.
Turns out, my mom went ahead and took out a card in my name without even giving me a heads up back in November last year. And now, there’s a hefty $1900 debt that’s way past due. She owned up to it and offered to pay it off. But before I knew this, I already asked Capital One to flag it as fraud.
Now, here’s my dilemma: can she still settle the debt with Capital One? And more importantly, how can we fix this mess without dragging my mom through any legal trouble? I’m all about keeping her safe from any fines or jail time. She’s got a dependent family member living with her, and I don’t want this mess to affect them.
Is there a way to push forward with the fraud investigation, maybe even file a police report, to wipe out the debt from my credit score without getting my mom in hot water?
Later,
Fixing FinancesAU
Response from THE MONEY MINDER:
Hello There,
I understand the shock and frustration you must be feeling upon discovering the unauthorized credit card in your name. It’s a situation no one would want to find themselves in, especially with the added complication of family involvement. First and foremost, I want to express my sympathy for the predicament you are facing.
Given the circumstances, it’s crucial to take immediate action to protect your credit score and financial well-being. While it’s commendable that your mother has admitted her mistake and offered to pay off the debt, it’s essential to follow through with the fraud investigation you initiated with Capital One. This is necessary to remove the unauthorized account from your credit report and prevent further damage to your financial standing.
It’s important to keep in mind that reporting fraud to Capital One and potentially involving law enforcement does not necessarily mean your mother will face legal repercussions. The focus is on resolving the fraudulent activity and safeguarding your credit history. However, the outcome may vary depending on the specific circumstances and the policies of the credit card company and law enforcement.
I recommend maintaining open communication with your mother throughout this process to ensure transparency and cooperation. It may be helpful to seek guidance from a legal advisor or credit counseling service to navigate the situation effectively while minimizing any negative impact on your mother. Remember, your priority is to protect your financial well-being while also addressing the unauthorized activities on your credit report.
Moving forward, continue to monitor your credit report regularly and take proactive steps to rebuild your credit score, such as timely payments on your credit building card. It’s a challenging situation, but with patience, diligence, and the right approach, you can work towards resolving it while safeguarding your financial future.
Take care and best of luck in resolving this delicate situation.
Farewell from THE MONEY MINDER.
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