Wells Fargo recently admitted to opening an additional 1.4 million fake accounts between 2009 and 2016. This brings the total to 3.5 million fraudulent accounts opened without the permission of customers. Former Wells Fargo employees have described how a “pressure-cooker” sales environment caused the scandal. These employees claim they were forced to meet impossible quotas. Many resorted to opening accounts for customers without their permission. Customers were unaware the accounts had been opened, which meant that they were not used. As a result, these accounts may have accumulated fees. If Wells Fargo opened an account or line of credit in your name, then it could show up on your credit reports. This is especially true if the account was closed or charged off and sent to a collection agency. It is possible that some accountholders were also reported to ChexSystems, a service used by banks to identify customers who pose…
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In the next few months, there will be changes to how your credit scores are calculated by the three major credit bureaus. Specifically, the bureaus will adopt the new VantageScore system. The following information will be treated differently under the new scoring system: Medical bills: VantageScore attaches less importance to unpaid medical bills. In fact, it will ignore debts that are less than six months old. This could make it easier for you to contest medical bills before they can damage your credit scores. In addition, past due medical bills will hurt your score less. Tax liens and civil judgments: VantageScore does not report civil judgments or tax liens unless those records contain certain identifying information. For example, they would have to include your name, address, birthday and Social Security number. These changes were also adopted by the new FICO scoring system. Credit utilization: Under VantageScore, a greater emphasis is…
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New research released by the Washington D.C. think tank Urban Institute claims one in four Americans are struggling to pay past due medical bills – even those with health insurance. According to data from the study, people struggling to pay back these bills increase their reliance on credit cards and do not save for other emergencies. The Urban Institute study is a reminder that medical bills are still a problem for Americans, even though more than ever now have health insurance. How Can People with Insurance Accumulate Unaffordable Medical Debt? There are several reasons why people with health insurance can accumulate medical debt. You may have experienced one of the five following examples. High-deductible plans: Many health insurance policies have high deductibles. A deductible is the amount that must be paid before health insurance coverage pays for medical services. The IRS considers individual policies with deductibles of $1,300 or more…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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