FAQs

1. Can either signer on an account close the account?
Yes – if it is a joint account. However, if the signer is just an authorized user, he/she does not have the ability to close or make changes to an account.

2. If the court assigns single responsibility for payment of the joint account, does the creditor have to agree?
No, because when the account was opened, you signed a contract with the creditor agreeing to pay.

3. Can you stop responsibility for payments by notifying the creditor?
Yes. There are specific procedures to follow, and appropriate language to use.

4. Can the other signer on the account be a friend, spouse, brother, sister, parent, or business partner to be a joint account signer?
Yes.

5. Can you remove another person from your joint account without their permission?
Yes.

6. Should the lawyer be taking care of all this as part of the service?
No – a lawyer does not take care of removing your responsibility for your joint accounts.

7. Do I have to take action to protect my own credit?
Yes. As with everything else in life, no one else is going to do it for you without a fee!

8. Are there procedures for protecting myself from credit damage?
Yes. We have 5 downloadable forms to help you protect yourself.

9. My credit identity has always been with someone else; is it too late to get one of my own?
It is never too late to establish your own credit identity. This is your right as per the Equal Credit Opportunity Act.

10. If my co-signer makes me a promise to pay his/her half of the bills, will I be held responsible?
Yes – you signed a contract with the creditor promising to pay the bills. The creditor doesn't care if you have made a private agreement with the co-signer. The fact is – you are still responsible for the bills.

11. If bill collectors call me, can I just tell them to call the one that ran up the bill to get them to leave me alone?
No, because you are still responsible for paying. Unfair, perhaps, but that is reality. So protect yourself before this happens!

12. Even though I am legally responsible for the account, I am responsible for only half of the amount owed.
Wrong. You agreed to be responsible for the credit; you didn't sign an agreement to pay "half" of the bill or take "half" of the responsibility.

13. Am I legally responsible for the balance on the joint account, even if I didn't make the charge(s)?
Yes – once again.

14. Am I able to open an individual financial account, even if I have a joint account?
Yes – having a joint account does not prevent you from having an individual account.

15. As an adult, am I legally entitled/required to have my own credit identity?
No. There is no law that requires anyone to have a credit identity. However, it makes life easier if you do.

16. Even if I have a joint account, can I limit my liability/responsibility for the debt by properly notifying the proper authorities?
Yes, and SPAN can help you protect your credit.

17. My spouse/partner/mother has my social security number – am I responsible for a joint account opened without my knowledge?
Yes. The best way to deal with this is to prevent it before it happens! (That’s why SPAN was created).

18. I never had a joint account with my spouse, and now that we are divorcing, will I be responsible for what he/she charged on his/her cards?
If it is not a joint account, the amount you are responsible for will be determined during the divorce settlement process depending on the assets and liabilities of each person. So you could be held responsible for your ex-spouses charges, but it wouldn't show up on your credit.

19. My Divorce Decree declared that my spouse has to pay the mortgage/credit cards, so now I won't be liable and my credit won't be damaged.
Wrong! The court cannot override your responsibility to the creditors. If the court determines that the bills should be paid by your ex-spouse, and your ex-spouse does not follow through, you are still liable for those bills and it WILL show up on your credit.

20. My parent opened an account with my social security number when I was under 18, so I am not liable for the charges and it won't show up on my credit report.
Sadly, this is not true. Although minors are not legally bound to contracts, it will still show up on the person's credit report for years after he/she becomes an adult.