Banks to Ditch ‘Extinguished’ Debts

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bank-of-america

Two major American banks-Bank of America and JPMorgan Chase-have announced a plan to drop old debts extinguished through bankruptcy from credit reports.

The move comes as the banks, along with Citigroup and Synchrony Financial, battle a lawsuit that accuses them deliberately not removing bankruptcy discharges from credit reports for financial gain.

As many as a million Americans who have been saddled with bad credit from bankruptcy may be affected by the change. Read more at The New York Times.

{Andy Heller-Matzav.com Newscenter}

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