Starting on Sept. 15, there will be a 180-day waiting period before an unpaid medical bill can show up on a credit report. Also starting on that date, medical debts in collections that are paid by an insurance provider will be deleted from a credit report. While that may be good news for some Ohio residents, it may not help everyone who has poor credit because of unpaid medical bills.
Renting or buying a home after bankruptcy
A Chapter 13 bankruptcy is one in which a person works out a payment plan to repay creditors over three or five years. Some Ohio filers may be concerned about their ability to rent or buy a home after the bankruptcy. While this becomes more difficult after they declared bankruptcy, there are steps that can be taken to increase the likelihood that a landlord or lender will work with them.
Stagnant wages linked to surge in credit card delinquencies
Consumers in Ohio and around the country are finding it increasingly difficult to keep up with their monthly bills according to a report from the Federal Reserve Bank of New York. The New York Fed says that credit card delinquency rates in the United States rose in both the first and second quarters of 2017 and now sit at 2.47 percent, and financial sector giants including Discover, Chase and Capital One have all reported a sharp increase in the number of revolving debt accounts falling into arrears.
Much-needed relief from the most burdensome of debts
Medical costs remain at the top when it comes to debts that burden consumers. In 2016, 43 million American adults - 20 percent of the population - dealt with out-of-control healthcare-related debts negatively affecting their credit.
Understanding the pitfalls of debt settlement
Ohio residents may believe that working with a debt settlement company is better than filing for bankruptcy. However, the impact to a person's credit score may be the same regardless of which option is chosen. In some cases, an individual could see his or her credit score fall into the 500s, which is generally considered fair or poor.
