New Bill HR 2086 Could Improve Millions of FICO Scores

That is great information..   Yes, we need these otherwise good Americans back in the home ownership pool.  I think if Congress would make the foreclosure and SS hit less by allowing lenders to minimize the credit impact and lower the time line to 12-24 months before they can purchase another home, that would make an almost overnight difference in home sales and stop or slow the price slide.  This would not be for everyone who lost their homes, however there are many good people with good jobs and a 20% down payment who's other credit is current and been paid on time.  These people paid the car payment, the credit cards but could not pay the house payment and made a decision to give that dream back to the bank and rent.  They need to be turned back to being homeowners again.

Hi, Janet:  My 1st thought here is that there's no way this can affect 373 million working-age Americans- when we don't yet have 310 million Americans.  Maybe 63 million illegal aliens counted in?  Heck, I'd even say that's high.  20 million illegals?  Yes.  63 million?  Probably not.

Past that, I still don't care for this bill one dang bit.  The medical debt is legitimate- and who's got enough insight to say with any kind of authority that these debts are "most often not due to irresponsibility" on the part of the consumer?

We all have choices, and if we're to celebrate and encourage good ones, we need to chastise an rebuke bad ones.  Young and healthy?  Don't think you need insurance?  Rather spend that money at the club than buy insurance?  Great- that's your choice.  Go ahead and choose to roll the dice- hoping you won't need the coverage insurance provides.  But when you crap out, don't expect the rest of America to see that as noble in any way.

And don't expect the rest of us to be too happy about our premiums rising ad rising while you're livin' it up at the free clinic.

As for helping the housing market and all, why don't we just get another bill to address student loans, another to help those poor people that had to "let their cars go back", another one to help folks that must've gotten bamboozled by the guy at the cell phone kiosk, another to help...

It does no good to set standards if all you're going to do is lower them when you decide we've arrived at a point where just too many people fail to meet them....

Hi Janet, I've subscribed to TBWS for a couple of years and sometimes they don't let facts stand in the way of a good video.

Dennis, makes a good point about the legitimacy, but until the insurance companies and service providers are held accountable for their reporting practices, this type of legislation is worth consideration.

Not sure about the overall impact on credit scores because the older these accounts are, the less impact they will have on scores.

It takes more than "paid medical collections" to scores below what's acceptble for FHA.