The House Financial Services Subcommittee on Financial Institutions and Consumer Credit is examining bipartisan legislation that would amend the Fair Credit Reporting Act. The new legislation, entitled “The Protecting Veterans Credit Act of 2017,” would exclude certain medical debts incurred by a veteran from their credit report if the medical services predate the credit report by less than one year. The new legislation also includes a dispute process for consumer reporting agencies to handle veterans’ disputes. The one-year delay in reporting provides time for the VA and its contractors to resolve billing and copay issues with the veteran before the veteran incurs derogatory credit reporting.
Veterans are among the hardest-hit group of Americans in terms of credit and collections. Assuming the bill passes, this bipartisan legislation will be a great step forward in assisting veterans to improve their creditworthiness.
As we enter a new year, Nevada consumers should spend some time focusing on their finances and credit. Here are 3 helpful tips to get you on your way to financial success in 2018:
2. Focus on Savings
Automating savings each month using online tools from your bank will help keep you on track. As stated, a good rule of thumb for savings is 20% of your income.
3. Check your credit profiles regularly
It is imperative to check your credit reports regularly to make sure you are not a victim of identity theft and to ensure your accounts are reporting accurately. You may obtain free yearly reports from www.annualcreditreport.com and may also check your credit profiles using monitoring sites such as Credit Karma.