The three big credit reporting agencies—Experian, TransUnion, and Equifax—have been inaccurately reporting debts on millions of consumers’ credit reports even after the debts have been forgiven during bankruptcy filings. Once forgiven, the debts are supposed to be removed from credit reports, but the agencies are continuing to report them as active. They have until October 1st to comply with Judge David O. Carter’s order to “revamp their systems,” writes Jane J. Kim on the Wall Street Journal’s finance blog. Now if you’re in debt trouble, you can look forward (?) to having either unpaid debts on your credit report, or a bankruptcy filing, but hopefully no longer both at the same time.
Do you wish you had a way to spend your money more easily, without all that opening-the-wallet or punching-the-pin-number manual labor? The trade publication Cards & Payments (registration required) says that it’s received a copy of a report filed with the FCC that indicates Citigroup is developing a Near Field Communication, or NFC, mobile phone that would allow its customers to make contactless payments at participating retailers.