Business bankruptcy has wide-ranging consequences for both the companies that file and the patrons who generated their revenue. A sudden announcement usually results in chaos that leaves everyone scrambling and seeking resolution.
Credit bureaus have long been the target of lawmakers, federal regulators and consumers for their error-filled credit reporting. While there have been some improvements, a new plan could not only reduce scrutiny on the bureaus, but also improve their image with consumers.
A sudden illness or injury is often the catalyst to file bankruptcy. As medical costs continue to rack up during recovery, savings shrink and credit cards max out. Second, third and fourth jobs are necessary to manage seemingly unmanageable bills.