Major Banks to Delete Records for Some Borrowers Who Filed for Bankruptcy

Bankruptcy

Major Banks to Delete Records for Some Borrowers Who Filed for Bankruptcy

Two top U.S. banks are preparing to delete negative credit reporting records for some borrowers who filed for bankruptcy, after facing accusations of letting poor marks for unpaid debt haunt borrowers’ credit even after the debt was canceled.

At a hearing last week, lawyers for Bank of America Corp. and J.P. Morgan Chase & Co. announced that bank officials are preparing to delete notices they sent to credit reporting agencies that a borrower’s account was “past due” and/or “charged off,” according to a court transcript viewed by The Wall Street Journal.

The announcement came after the banks, along with Credit One Bank N.A., General Electric’s Synchrony Bank and Citigroup Inc., were sued by people who had filed for bankruptcy and gotten their debts canceled with a discharge order but still had notices on their credit reports that their old credit card debt had been “charged off.”

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Comments
2 Responses to “Major Banks to Delete Records for Some Borrowers Who Filed for Bankruptcy”
  1. israel144 says:

    The crooks are hitting the reset button.

  2. Jean Claude Etienne says:

    Please notify me if i’am part of this with wells fargo bank . They took ny House last year ,.

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