As you plow through all the paperwork there is one important check you should request. A credit check for BOTH your parents. It's now free annually through this web site. www.AnnualCreditReport.com

This is the truly free report unlike many of the web sites claiming to offer a "free" credit report.

You will be amazed at how much the credit agencies know about them (and you should get one yourself yearly). Look for long forgotten credit cards that are still open accounts. (remember the free gift you got from that nice lady at the department store for opening an account) It's a good idea to close the ones they do not use to minimize the identify theft risk.

Use the report as a clue to any accounts you do not find in their paperwork. Perhaps a long forgotten savings account in a bank where they got a loan.

Obviously, if there are active accounts listed that they have no knowledge of it demands immediate attention. Contact the credit card companies for more details and to stop their use.

Finally, check the interest rate on the credit card(s) they do use. Is it one of the very high ones? (many card rates climb high from that inviting introductory low rate) If your folks belong to a credit union check out their card's rate.

One footnote. If your parents are about to apply for a loan or mortgage hold off canceling too many credit cards. It will affect their credit score because it lowers their total credit limit from all cards combined. Having a lot of available credit raises your score. I know, sometimes credit agency logic seems illogical.