Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies

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Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies

Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies

NYT-

Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans.

Bank of America and JPMorgan Chase have agreed to update borrowers’ credit reports within the next three months to reflect that the debts were extinguished.

The move is a victory for borrowers whose credit reports have been marred as a result of the reported debts, imperiling their job prospects and torpedoing their chances of getting new loans.

[NEW YORK TIMES]

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One Response to “Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies”

  1. crittermom says:

    Provide relief?
    I really hate that term. Why not tell it like it is: Making ’em abide by the law!

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