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My aunt and I go credit card under both our names in 1989. She always had the card and from what I remember it was under both our SS#s It's been tuned over to collections because she hasn't paid it since 2005 and I just got a letter in the mail today. What can I do? I have excellent credit and she doesn't respond to my calls to try to get this resolved.
Since you are a cosigner to the credit card agreement, you are also responsible for the debt and so your credit report will also reflect the outstanding debt. Now, if you do not repay it back, there is every possibility that the CA might bring a judgment against you to recover it and once there is a judgment in your credit report, your credit score will get lowered. Can you tell us how much is the credit card debt? and the state you have received the credit card or signed the credit card agreement?
I think that first of all you should remove your name from the credit card by calling up the credit card company. You can also send them a certified letter asking them to remove your name and block the card permanently. If you send them in writing, you will have the proof that you have asked them to close the account and for any new swipe made with the card, you will not be responsible and your credit report will not get affected.
Response
The amount of debt owed is a little over $5000. I signed the credit card agreement back in 1989 when I was living in GA. As I recall, there were two credit cards assigned. One for myself and one for my aunt. I closed my account with them in the mid-90's. She kept her's open. When both accounts were open I received my statements and she received her own statements. I never received statements for her card. So when I got this letter yesterday, I was very surprised. I currently live in AZ.
Since you have already closed down your card, you are no more responsible for the debt which has been made on the credit card of your aunt. You should inform the creditor about this and send them a debt validation letter by certified mail. They cannot report her debt in your credit report as you have already closed your credit card account.