Showing posts from April, 2022

Most Medical Debt to Be Removed from Credit Reports; Student Loan Repayments Extended Until August 31st

  CCCS Announces that Most Medical Debt to Be Removed from Credit Reports;  Student Loan Repayments Extended Until August 31 st   In a recent and welcomed policy shift, Equifax, Experian, and TransUnion announced that nearly 70% of current medical debt will be removed from credit reports, beginning this summer. Millions of Americans are saddled with medical debt and the problem continues to grow. Studies from 2021 found that 37% of Americans had medical debt, while 23% did not currently have medical debt but had it in the past. The Consumer Financial Protection Bureau (CFPB) estimates that at this moment, some $88 billion in medical bills sits on 43 million credit reports. Equifax, Experian, and TransUnion Medical maintain reports on more than 200 million people in the U.S. Often, medical bills can be exorbitant and end up on credit reports, ruining credit scores and preventing people from accessing mortgages, car loans and even employment. Many of these people have paid their

Student Loan Payment Pause Extended Through Aug. 31, 2022

On April 6, 2022, the U.S. Department of Education (ED) extended the student loan payment pause through Aug. 31, 2022. The pause includes the following relief measures for eligible federal loans: ·          a suspension of loan payments ·          a 0% interest rate ·          stopped collections on defaulted loans Here are four steps to make sure you’re prepared for student loan payments to resume: ·          Update your contact information in your profile on your  loan servicer ’s website and in your profile . ·          Review your auto-debit enrollment or sign up for the first time. To do so, log in to your loan servicer’s website or contact your loan servicer directly. ·          Check out  Loan Simulator  to find a repayment plan that meets your needs and goals or to decide whether to consolidate. ·          Consider applying for an  income-driven repayment (IDR) plan . An IDR plan can make your payments more affordable, depending on your income