Medical Debt Wreaks Havoc on Consumers’ Credit Reports

Medical Debt Wreaks Havoc on Consumers’ Credit Reports The Consumer Financial Protection Bureau (CFPB) released a report that reveals that over 1 in 5 consumers, or 43 million, have black marks on their credit reports for medical debts, and that medical debts constitute over half of debt collection items on credit reports. Chi Chi Wu of the National Consumer Law Center said “This report is another example of the powerful information revealed by CFPB’s groundbreaking research.” Medical debt is different from other types of consumer debt. Medical debt is unique because the most vulnerable patients – the uninsured and underinsured...

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The Pros and Cons of Settling Your Debts

This is a guest post from John Ulzheimer, a credit expert and senior columnist for Credit Card Insider on the pros and cons of settling debts that appear on consumers’ credit reports. Over the past four years we’ve unfortunately had to become familiar with the term, “short sale,” which is actually a settlement accepted by your mortgage lender. And while mortgage settlements have become a common practice over the past few years, the process of settling other debts, such as credit card debt and debts being worked by collection agencies is a much more established process. Debt settlement works like...

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