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Background - My father passed away about 2 years ago. He had a credit card and I was an authorized user. The account was not paid, and the credit card company has put this on my credit report as a charge off. For the first year or so, it said I was deceased and it was charged off. I disputed the charge off, as I am not dead or responsible (as I was an authorized user, NOT a joint account holder). They finally took off the deceased part, but still show as a charge off.
I am considering purchasing a home in the near future and want to know if I would be required to pay off the charge off as a condition of getting the mortgage.
I would be putting down at least 20% and my credit score is regularly from 710-760.
An authorized user has zero financial responsibility on fhe account. You just happen to have a pulse. Write all three bureaus and tell them "xxxx" credit card is incorrectly reporting you and why. Send them a copy of the death certificate. The three bureaus are Experian, Equifax, and Transunion and their info can be found the web.
They brought me back to the living, but "verified" the debt. Creditor also "verifies" debt. Next step law suit, which is impractical. I have a very common name and have played the game before, extensively. You can't prove a negative.
So, I need to know if I would be able to get a mortgage without paying this off and with it still on my credit report.
I don't know if this will help, but when my late wife died she had a couple credit cards in her name. The card companies asked me if I'd ever used the cards. I hadn't. They both said since I'd never used them I didn't have to pay the balances (of a few hundred bucks).
To answer your question, you most likely won't have to pay it. You will have to write a letter explaining it.
Your credit and down payment look good. If your income and debt are good it is time to find an agent, lender, and start looking. Get pre-approved instead of pre-qualified.
They brought me back to the living, but "verified" the debt. Creditor also "verifies" debt. Next step law suit, which is impractical. I have a very common name and have played the game before, extensively. You can't prove a negative.
So, I need to know if I would be able to get a mortgage without paying this off and with it still on my credit report.
At this point probably not, due to the new underwriting requirements.
I found this out recently when I applied to refinance a mortgage with USAA, they use an automated system with Fannie or Freddie as the underwriter and any disputes and/or other problems have to be corrected in order for the mortgage to go through. If it's showing up and the automatic underwriter catches it you may have to find someone to do a manual underwriting process.
I think that's your problem. If it was reporting properly, nobody would be telling you to pay it.
Yeah, but if I could get them to change it, the charge off wouldn't be there in the first place. I had other accounts where I was an authorized user, and had no problems. It's just this one.
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