Industry News Great News: US Congress is introducing a bill that would eliminate medical debt from credit reporting, which accounts for more than half of all unpaid debts in collection, and which the CFPB found in a report issued in May is not a good indicator of people’s likelihood of repaying normal debts, because of the unusual, unexpected and high-dollar amounts involved. The changes are part of a large shift in mortgage finance reform to open the credit box wider for potential homeowners. Federal Housing Finance Agency director Mel Watt first announced the move to support such reforms. Other changes in the legislation would remove settled debts, remove negative reports after four years instead of seven, and would extend the removal of student debt defaults in private debts after a consumer makes nine consecutive
Posted on: Tue, 30 Sep 2014 00:08:53 +0000
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