2022 Debt Management Legal Updates
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Biden Extends Student Loan Payment Suspension
November 22, 2022. President Biden extended the payment pause for federal student loans while the legality of his debt cancellation program is challenged in the courts.
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FHA Urges Lenders to Consider Positive Rental History When Assessing Mortgage Eligibility
October 30, 2022. In a policy change, FHA will now include a first-time homebuyer’s positive rental history when determining mortgage eligibility.
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Education Department Announces Permanent Changes to the Public Service Loan Forgiveness Program
October 25, 2022. The Biden administration announced a number of permanent changes to the Public Service Loan Forgiveness (PSLF) program to make it easier for eligible borrowers to get student loan relief.
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FHFA Approves Use of Alternative Credit Scores for Fannie Mae, Freddie Mac Mortgages
October 24, 2022. The federal government says lenders can use borrowers’ FICO 10T and VantageScore 4.0 credit scores when approving mortgage loans.
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Appeals Court Kills the Payday Lending Rule—and Perhaps Other Consumer Protection Actions
October 19, 2022. A federal appeals court ruled that the CFPB has been unconstitutionally funded since it was created. And, in the process, the court vacated the Payday Lending Rule.
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Your Rent Payments Could Help Raise Your Credit Score
October 7, 2022. If you sign up for Experian Boost, your rent payments could help improve your credit score. But should you use this service?
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Fannie Mae Announces New Program to Help Renters Build Credit
September 27, 2022. Fannie Mae has launched a program to enable renters living in multifamily properties to improve their credit scores when they make on-time rent payments.
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You Won’t Owe Federal Taxes for Canceled Student Loans, But Some States Could Tax You
August 30, 2022. If you live in one of these five states, you might have to pay taxes on your canceled student loans.
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Biden Cancels $1.5 Billion of Student Loans for Former Westwood College Students
August 30, 2022. Defrauded students who attended Westwood College will get a full discharge of federal student loans taken out to attend the school.
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New Student Loan Repayment Plan Could Save You Hundreds Each Month
August 24, 2022. You might be able to save hundreds on your federal student loan payments each month under the government’s new income-driven repayment plan.
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August 24, 2022. The payment suspension for most federal student loans will now last through December 31, 2022. And many borrowers will get $10,000 or $20,000 in loan cancellation.
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August 16, 2022. The Department of Education said it will cancel almost $4 billion of federal student loans for 208,000 borrowers that attended ITT Tech.
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Computer Glitch at Equifax Results in Wrong Credit Scores for Millions
August 2, 2022. Equifax miscalculated the credit scores of millions of people because of a coding error.
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Credit Reporting Agencies to Remove Most Medical Debts From Consumers’ Credit Reports
July 1, 2022. Equifax, Experian, and Transunion are overhauling how they report medical accounts in collection, erasing most medical debts from consumers’ credit reports.
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Biden Administration Canceling $6 Billion for Defrauded Student Loan Borrowers
June 22, 2022. The government is canceling billions in federal student loans for around 200,000 defrauded students.
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Fannie Mae, Freddie Mac Announce New Credit Reporting System to Advance Housing Equality
June 8, 2022. Fannie Mae and Freddie Mac are making changes to help renters from disadvantaged communities become homeowners.
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Biden Administration Cancels $5.8 Billion for Corinthian Colleges Students
June 1, 2022. The government is wiping out billions in federal student loan debt for former Corinthian students.
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Creditors Using Complicated Algorithms Must Explain Credit Denials
May 26, 2022. Creditors must give consumers an explanation when denying credit—they can’t just blame a computer algorithm.
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Millions Get Closer to Student Loan Forgiveness With a One-Time Account Adjustment
April 19, 2022. The U.S. Department of Education will adjust borrowers’ accounts to retroactively give payment credits toward two loan-forgiveness programs.
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Medical Debt to Play a Reduced Role in Getting a Government-Backed Mortgage
April 11, 2022. If you apply for a government-backed mortgage, your medical debt will now have less effect (or no effect) on your chances of getting the loan.
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Biden Administration Extends Student Loan Payment Suspension Through August 31, 2022
April 6, 2022. The payment suspension for most federal student loans will now last through August 31, 2022.
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New Appeals Process for Public Service Loan Forgiveness Program
April 2022. Beginning in April 2022, borrowers may request a reconsideration of Public Service Loan Forgiveness qualifying employment or payment determinations.
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New Credit Reporting Rules for Veterans’ Medical Debt
March 4, 2022. The VA will stop reporting most veterans' medical debt to the credit reporting bureaus.
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Biden Administration Cancels $415 Million for Defrauded DeVry University Students
February 16, 2022. The government is canceling millions in federal student loans for defrauded borrowers who attended DeVry University and other for-profit schools.
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Equifax Data Breach Settlement Benefits to Be Distributed
January 24, 2022. Equifax will finally begin distributing benefits to settle claims over its 2017 data breach.
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Navient Canceling $1.7 Billion in Private Student Loans
January 13, 2022. A settlement with one of the nation’s largest student loan servicers includes $1.7 billion in debt cancellation and $95 million in restitution for borrowers.
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New Debt Settlement Law in California
January 1, 2022. California’s Fair Debt Settlement Practices Act protects consumers who go to debt settlement companies for help.
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CFPB Report Describes Credit Bureau Failures
January 2022. The three major credit reporting agencies often fail to respond to issues concerning consumers’ credit reports, says CFPB.