Longtime 'lurker,' first time poster. I'll try to keep this short, but greatly appreciate any advice. My wife and I have been debt free for over 3 years now, meaning no credit card debt and only our mortgage.
When I ran our credit report the other day (which I do annually), I noticed 3 cards under my wife's name with balances of $2K, $3K and $12K. This shocked/worried me for obvious reasons. My wife said she did not open them, so she asked her mom and sister. They admitted to opening the balances under my wife's name! My wife was still receiving credit card offers at her mom's house, so they took advantage of the offers AND of my wife's excellent credit
They have been making payments and have never been late..........yet. We want them out of my wife's name asap, but therein lies the issue. They can't open any credit cards in order to transfer the balances into their names, PLUS my wife thinks if I report this as fraud/stolen ID, they will go to jail. She doesn't want this to happen due to our 4 year old niece.
I really want to get this resolved, but am at a loss re: how to handle it. They also really need financial advice/counseling, but that can wait, IMO.
I appreciate any thoughts, comments and/or advice from the distinguished members of this forum.