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Personal Data Breach Hits Major Credit Bureau, Exposing Millions: What To Know Personal Data Breach Hits Major Credit Bureau, Exposing Millions: What To Know
Personal Data Breach Hits Major Credit Bureau, Exposing Millions: What To Know More than four million people had their personal information compromised after a credit bureau suffered a major data breach. TransUnion confirmed the breach impacting more than 4.4 million people, national consumer rights law firm Wolf Haldenstein announced. According to a court filing in Texas, names, birthdates, and Social Security numbers were leaked. The breach happened on Monday, July 28, Maine court documents showed. It was discovered two days later, affecting at least 4,461,511 people. A TransUnion spokesperson told CNET the incident was identified and contained within hou…

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by Chris Spiker
Business
Medical Debt Returning To Americans' Credit Reports After Judge Reverses Biden-Era Rule Medical Debt Returning To Americans' Credit Reports After Judge Reverses Biden-Era Rule
Medical Debt Returning To Americans' Credit Reports After Judge Reverses Biden-Era Rule A federal judge in Texas has overturned a Biden-era rule that removed medical debt from Americans' credit reports. Judge Sean Jordan scrapped the regulation in a ruling on Friday, July 11. The Consumer Financial Protection Bureau finalized the rule on Tuesday, Jan. 7, about two weeks before former President Joe Biden left office. The decision came exactly a week after President Donald Trump signed the previously named "One Big Beautiful Bill" into law. Experts warn that the Republican-backed budget reconciliation legislation makes sweeping cuts to Medicare and Medicaid, while incr…

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by Chris Spiker
Business
Student Loan Defaults Loom For Millions As Trump Administration Resumes Debt Collections Student Loan Defaults Loom For Millions As Trump Administration Resumes Debt Collections
Student Loan Defaults Loom For Millions As Trump Administration Resumes Debt Collections Millions of federal student loan borrowers are weeks away from default as serious delinquencies surge to record highs after the Trump administration resumed debt collections, economists say. Nearly one-third (31%) of federal borrowers with a payment due were at least 90 days late in April, according to a new report from TransUnion released on Tuesday, June 24. That's nearly triple the pre-pandemic rate of 11.7% and the highest figure on record. Just 0.3% of borrowers were in default by April, but with nearly 5.8 million now more than 90 days late, many are on the brink of defaulti…

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by Chris Spiker
Schools
Millions To Have Paychecks Garnished As Federal Student Loan Collections Restart Millions To Have Paychecks Garnished As Federal Student Loan Collections Restart
Millions To Have Paychecks Garnished As Federal Student Loan Collections Restart Millions of Americans may soon have their wages garnished as the Trump administration resumes student loan collections paused since the start of the COVID-19 pandemic. About 5.3 million borrowers are set to receive wage garnishment notices in the summer of 2025, according to the Department of Education. The federal government officially restarted student loan debt collections on Monday, May 5. Nearly 195,000 borrowers began receiving 30-day warning letters from the Treasury Department. Their Social Security or other federal benefits will be seized through the Treasury Offset …

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by Chris Spiker
Schools
Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market
Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market A record number of federal student loan borrowers are seriously delinquent as debt collections resume after a five-year pause, while new college graduates face tough employment prospects. The Education Department restarted collecting defaulted federal student loan debt on Monday, May 5. Collections were paused at the beginning of the COVID-19 pandemic. The move threatens to seize tax refunds and garnish paychecks from millions of Americans in default on their loans. The Education Department said about 42.7 million people owe more than $1.6 trillion in student loan d…

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by Chris Spiker
News
Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores, CFPB Says Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores, CFPB Says
Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores, Cfpb Says About 15 million Americans will see their credit reports cleared of medical debt under a new rule approved by the Consumer Financial Protection Bureau. The CFPB has finalized a landmark rule that removes $49 billion in medical debt from credit reports, the bureau said in a news release on Tuesday, Jan. 7. The regulation also prohibits lenders from using medical information in lending decisions when evaluating loan applications. The rule is expected to raise credit scores by an average of 20 points and enable the approval of 22,000 additional mortgages annually. "People …

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by Chris Spiker