Reporting of Collections Tradelines (Part 1)

An estimated 220 million U.S. consumers have at least one credit report maintained by the major credit bureaus of Expedia, Equifax, and TransUnion. And of these millions of consumers, one out of three have what’s known as a “collections tradeline” included in their reports. Yet most Americans may not even know what a tradeline is, […]

What Should You Do If You Have Medical Debt on Your Credit Report? (Part 2)

In our last post —if you haven’t read it yet click here for part 1—, we discussed the credit bureaus’ announcement that they are changing how they will include medical debt on consumers’ credit reports. Industry watchers estimate that these changes will eliminate 70% of medical debt reports. But let’s talk about steps you can […]

What Should You Do If You Have Medical Debt on Your Credit Report? (Part 1)

According to a recent report by the Consumer Financial Protection Bureau (CFPB), almost one-out-of-every-five consumers has information relating to their medical debt on a credit report. And while medical debt is the most common type of collection information on a consumer’s credit report, medical debts aren’t a good indicator of creditworthiness. Medical debt is usually […]

Credit Bureaus Will No Longer Report Most Medical Debt

In mid-March, all three major credit bureaus—Equifax, Experian, and TransUnion—announced they would no longer include most medical collection debt on people’s credit reports. This is a major change that should have everyone checking their credit reports. According to the Washington Post, the credit bureaus will be taking steps to change how they report medical debt […]

Common Complaints about Credit Bureaus

This past January, the Consumer Financial Protection Bureau (CFPB) issued an annual report analyzing more than 700,000 consumers’ complaints about the three national credit bureaus, Equifax, Experian, and TransUnion. According to the report, “In 2021, the NCRAs reported relief in less than 2% of complaints down from nearly 25% of complaints in 2019.” The unfortunate […]

Equifax Free Credit Monitoring Due to the Company’s Data Breach

In 2017, credit bureau Equifax was hacked, and the records of approximately 147 million people were compromised. Unsurprisingly, lawsuits were filed, and, as part of a court settlement, those impacted by the breach were ultimately offered a choice between a one-time payment of $125 or four years of free credit monitoring. It may seem like […]

When Expunged Records Still Show Up on a Background Check

Perhaps you had gone to court and successfully had a prior arrest or conviction expunged from your record. Or perhaps you were eligible for an automatic expungement—as is the case for many New Yorkers convicted of misdemeanor charges for marijuana possession. You were thrilled you could apply for a new job or an apartment, knowing […]

‘Buy Now, Pay Later’ – Why These Programs May Distort Your Credit Score

If you were doing some last-minute holiday shopping online, you might have seen a new option as you chose to purchase your item: Instead of paying the full amount, you could pay a portion at the time of purchase and space the rest over time (often, four payments made every two weeks). But what that […]