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My grandfather added me as an authorized user in his old account 6 months back. I defaulted on a few payments and now it is showing up on his reports. My grandfather and grandmother are trying to get an auto loan and they have been denied. The creditor asked them to pay off the default payments. What can I do now? I know they are in trouble because of my fault
Hi Gia,
The only way to help your grandfather out of this situation is to pay off the debts. It will be best if you are able to pay in full, and request your creditor to remove the debt accounts. I would also suggest that you can remove your name from your grandfather's accounts. In that case your grandfather can dispute with the credit bureaus, stating that the default payments do not belong to him.
default payment by authorized user
Hi Scott,
I have been into a similar situation once. I had my son as an authorized user in one of my credit card accounts. And it took a long time to get rid of all his missed and late payment records, on my report. As far as I know, even if an authorized user is added to an account, the original account holder, remains responsible for all transactions made with the account. Having said that, I think the only way Gia can help her grandfather get a loan, is by paying off the default payments.