Question:
When I was in high school my dad got us a joint credit card. I used it to buy my prom dress and paid it off. I was digging through some old boxes yesterday and I found the card. I called to see if it was still active. It turns out that there is over a thousand dollars owed. My dad is working with a debt managment company apparently. What exactly is a debt management company? Will this interaction affect my credit score? Is there a way that I could get my name taken off of the account? I haven't used the card in years.
Answers:
This is the down side of joint accounts.
Your Dads actions will effect your credit because the account will show as "included in credit counseling" and should show this way on both of your reports. This will make it hard for you to get any type of credit until this shows as paid $0 balance.
You can contact the credit card company and explain what happened and ask them to remove your name, but don't expect them to do it.
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