how to run a credit report when you are the power of attorney for someone

Obtaining power of attorney also makes it legal to check that person's credit report. Read More: How to Get a Credit Report Obtain written permission from the person whose credit report you are seeking along with the person's social security number.

Full Answer

Does Bankrate provide information about power of attorney (POA)?

While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. A power of attorney (POA) is a legally binding document that lets someone else (an agent) act for you (the principal) in the event that you’re not able to do so yourself, whether you’re incapacitated or deceased.

What is a power of attorney and do you need one?

A power of attorney isn’t a person, but rather a document that gives someone the power to act on your behalf in case you die or become incapacitated. You can name someone to make decisions for you when you can’t.

Can a person with a power of attorney open an account?

If the powers are not limited, the person holding the power of attorney may engage in whatever financial transactions the principal may engage in, including opening and closing accounts and making investments.

Can a power of attorney write a check to themselves?

“Your power of attorney can write checks to themselves if they have access to your checking account and if you included check writing in the details and duties of the power of attorney letter,” says Juan Carlos Cruz, founder of Britewater Financial Group in New York City.

How do I pull a credit report on someone else?

Contact one of three credit reporting agencies. They are Equifax, Experian and TransUnion. Going through one of these agencies is the only legitimate way to obtain someone's credit report. The credit report lists detailed information about employment, credit history, previous tenancies and current debts.

How can I do a credit check on a family member?

Although Equifax, TransUnion or Experian won't give you a report directly, there are many companies that, for a fee, will pull credit reports for you from the big three credit reporting bureaus. Just do a quick search for “tenant screening” or “local credit reporting agencies” and you'll find them.

Can the executor obtain a credit report?

The spouse or executor of the estate may request the deceased person's credit report by mailing a request to each of the credit reporting companies. Send a letter along with the following information about the deceased: Legal name. Social Security Number.

How do I get a credit report for my elderly parent?

You can help your parents access their reports at Annualcreditreport.com. They will need to fill out an online form that requests their names, Social Security numbers, birthdates, current address and previous address (if they've lived at their current address for less than two years).

Can someone run a credit check without a Social Security number?

Lenders typically require a Social Security number when you apply for a credit account. However, if you opened an account without an SSN and the lender reports its accounts to Experian, the account should still appear on your credit report, helping you establish credit.

Can someone run your credit report without you knowing about it explain?

The Fair Credit Reporting Act (FCRA) has a strict limit on who can check your credit and under what circumstance. The law regulates credit reporting and ensures that only business entities with a specific, legitimate purpose, and not members of the general public, can check your credit without written permission.

Does Social Security Administration notify credit bureaus of death?

However, once the three nationwide credit bureaus — Equifax, Experian and TransUnion — are notified someone has died, their credit reports are sealed and a death notice is placed on them. That notification can happen one of two ways — from the executor of the person's estate or from the Social Security Administration.

How do credit card companies know when someone dies?

Deceased alerts are typically sent out by credit reporting agencies and communicated to various financial institutions. The purpose of the alert is to notify these institutions that the person in question has died so that they do not extend any new credit products to anyone applying under the deceased person's name.

How do I report a deceased person to Equifax?

You can contact Equifax's customer service line at 888-548-7878.

What is the best site to get a free credit report?

AnnualCreditReport.comBest Overall AnnualCreditReport.com The Consumer Financial Protection Bureau confirms that AnnualCreditReport.com is the official website that allows you to access each of your credit reports from all three of the major credit bureaus — Equifax, Experian, and TransUnion — at no cost.

How do I get a 3 in 1 credit report?

All three major credit reporting agencies -- Experian, Equifax and TransUnion -- sell a 3-in-1 credit report that you can order from the companies' Web sites or over the phone. All three agencies also give you the option of accessing the 3-in-1 report online.

Who can request my credit report?

According to the FRCA, the following people and entities can request your credit report:Creditors and potential creditors (including credit card issuers and car loan lenders). ... Mortgage lenders. ... Landlords. ... Utility companies. ... Student loan lenders. ... Insurance companies. ... Car insurance companies. ... Employers.More items...

Who can access my credit report?

Only businesses or individuals with a “permissible purpose” can access your credit report. “Permissible purpose” is defined in Section 604 of the Fair Credit Reporting Act (FCRA).

Why do employers need to modify credit reports?

The main reason employers may request a modified credit report is to get an indication of a potential employee’s personal integrity and honesty by how that person manages his or her financial obligations. However, employers must obtain the potential employee’s written consent prior to conducting this inquiry.

What is a credit header?

In connection with determining eligibility for a license or government benefit, or. For a business transaction initiated by a consumer. Federal law allows potential employers to view a modified version of a potential employee’s credit report for employment purposes, which is sometimes referred to as a credit header.

What happens if you don't hire someone based on their credit report?

If you decide not to hire or promote someone based on information in the credit report, you must give the person a copy of the report and tell them of their right to challenge the report under the FCRA. Some states have more stringent rules limiting the use of credit reports. AllBusiness.com has sample forms for obtaining permission ...

What is the FCRA?

The federal Fair Credit Reporting Act (FCRA) specifies under what circumstances a credit report can be obtained and by whom. Access to credit reports is restricted to businesses with a specific need, and to consumers who request their own report.

Which credit agencies do credit checks?

There are three national credit reporting agencies that do credit checks on individuals: Equifax, Experian, and TransUnion.

Do employers have to give consent to a credit report?

Under the Fair Credit Reporting Act or FCRA (15 U.S.C. §1681), employers must get an employee’s written consent before seeking that employee’s credit report. Many employers routinely include a request for such consent in their employment applications.

How does a power of attorney affect credit?

A power of attorney (also referred to as POA) is in effect when the grantor authorizes a grantee to handle any combination of legal, financial and/or health decisions on behalf of the grantor. The particulars are written into a power of attorney document.

What to know about power of attorney?

The three things to remember about having power of attorney (especially regarding credit cards) are, that as a grantee: You are not liable for any debts incurred by the grantor even if you are charging on the credit cards of the grantor. You must exercise fiduciary responsibility while administering the credit cards.

What happens if my sister runs up $5,000 on my father's credit card?

If your sister somehow runs up $5,000 on your father’s credit card before you stop her, your father will be liable for those debts , not you. And by taking the prudent steps above you can protect yourself from being accused of any misconduct.

Is a POA good for estate planning?

The POA may only be good for estate planning or if the grantor becomes ill. It may be valid for only certain transactions like disposing of property, handling an estate or managing credit lines. It is also only in effect during the timeframe specified in the power of attorney document.

Does paying bills affect credit?

It’s natural to wonder how it could impact your credit history. The good news is that signing to pay bills or other financial obligations for someone else, does not make you liable for any debts. The grantor is still liable for those and it may impact his/her credit history. But, it will not impact your credit history at all.

Can you authorize expenses on credit that cannot be repaid?

For example, if you are an adult child spending part of your father’s money to take care of him in his time of need, you should take care not to authorize expenses on credit that you know cannot be repaid. In fact, make sure you do the following to protect yourself:

Do you have to exercise fiduciary responsibility when administering credit cards?

You must exercise fiduciary responsibility while administering the credit cards. It’s a good idea to take some basic steps to protect yourself from being accused of irresponsibility such as always acting in the best interests of the grantor and letting everyone know about your role.

How to get credit report for another person?

For example, at www.Experian.com, you can order a credit report for another person by clicking on "tenant screening." As of 2010, the cost for this service from Experian is $6.95 and it only requires inputting the person's name, address and social security number. The result is a full credit report which lists detailed information about employment, credit history, previous tenancies and current debts such as loans.

Can you obtain credit information under false pretenses?

In addition to written permission, the person must understand why you will obtain their credit information, as obtaining a credit score under false pretenses is against the law. You may want to have the person whose credit you want to obtain sign a statement stating that they understand your specific purpose for obtaining his credit information.

Can a landlord check a person's credit report?

Businesses and landlords sometimes check a person's credit report, for example. Be sure that no laws are violated when obtaining another person's credit report. Your reason for obtaining a credit check on someone must be valid, reasonable and legal.

How to get a deceased person's credit report?

In general, however, there’s a checklist for the steps you should take in order to get a deceased loved one’s credit reports and ensure their accounts are secured. 1. Contact the Credit Bureaus. Call all three credit bureaus (see contact information below) and ask what documents are needed based upon your particular relationship with the deceased ...

Who is Constance on Credit?

Constance is a former editor at Credit.com. Prior to joining us, ... Read More

Who is the director of public education at Experian?

“It’s pretty straightforward,” Rod Griffin, director of public education at Experian, said. “If you’re the executor [or the spouse] we should be able to provide a report online today if you go to Experian.com/upload.”

Can creditors report accounts to the bureaus?

And while not all creditors might report accounts to the bureaus, it can be an excellent place to not only start finding the accounts, but also protect your loved one’s identity from being stolen post mortem.

Does Equifax have a credit report?

So far only Equifax has furnished a credit report. TransUnion responded on May 25th, in effect saying, "Thank you for the death notice. We have flagged the subject of this file as deceased. If you want a copy of his credit report, please send us the stuff you've already sent us." I spent over an hour on the phone with TransUnion and haven't yet figured out how to talk to a human at Experian about this.

What is a power of attorney responsible for?

But while someone with power of attorney is responsible for major decisions on your behalf — like where your belongings go after you die — there are some things they aren’t responsible for, including much of your debt.

How to tell someone about your POA?

Tell others about your POA: Don’t keep your power of attorney between you and your agent. Instead, share the name of your agent with your doctors, relatives and others so they can keep tabs on this person’s actions.

What is the purpose of a power of attorney?

A power of attorney isn’t a person, but rather a document that gives someone the power to act on your behalf in case you die or become incapacitated. You can name someone to make decisions for you when you can’t.

What is a POA?

A power of attorney (POA) is a legally binding document that lets someone else (an agent) act for you (the principal) in the event that you’re not able to do so yourself, whether you’re incapacitated or deceased. The person you appoint can be anyone: a lawyer, a nurse or a friend or relative you trust.

Is a POA fraud real?

Power of attorney fraud is real: If you don’t do your homework, your potential agent could create a forged POA document or give themselves more power than you’d like to hand over. Power of attorney abuse means that they can have access to your bank and other financial assets, possibly depleting them.

Can you have a POA with someone you have never met?

Appoint someone you trust: A POA shouldn’t be with someone you’ve never met. You should create a power of attorney with a lawyer, nurse, friend or relative with mutual trust. If you’ve only known someone a short time, you might not be working with someone who has your best interests in mind.

Can you change your POA?

A power of attorney is flexible: You can make changes to your power of attorney, revoke access or cancel your POA anytime if you feel that your agent isn’t working in your best interests.

What is a power of attorney?

A power of attorney is a written authorization by which a person, or principal, authorizes another person, the agent, to act on her behalf. A financial power of attorney allows the agent to manage the principal's financial affairs, such as bank accounts, investments, bill payment and business affairs, as designated in the power of attorney.

When does a power of attorney take effect?

The power of attorney may take effect immediately upon signing by the principal or contain provisions making it a "springing" power of attorney, in which the power of attorney does not become effective until a specified date or until certain future events occur.

What happens if a power of attorney is not limited?

If the powers are not limited, the person holding the power of attorney may engage in whatever financial transactions the principal may engage in, including opening and closing accounts and making investments. The power of attorney may take effect immediately upon signing by the principal or contain provisions making it a "springing" power ...

Who can petition a court to review your actions as an agent?

The principal, her spouse or guardian, heirs, beneficiaries or government agency charged with protecting her welfare, may petition a court to review your actions as agent and seek compensation for your failure to appropriately carry out your fiduciary duties.

Can you refuse a power of attorney appointment?

Appointment under a power of attorney is voluntary and you may refuse the appointment . The principal may terminate the power of attorney at any time. Depending on the terms of the power of attorney document, the agent may be compensated for his time and out-of-pocket expenses; these should be carefully documented and must be reasonable and appropriate for the work performed.