10 Financial Tips for the Kids

We all want our children to be successful and happy. And though being financially fit won’t make anyone happy in and of itself, it can at least take away money stresses and allow the kids to pursue happiness. Just in time for Financial Literacy Month, three journalists from the Wall Street Journal offer 10 great tips in the video below. Get the latest tips on protecting your money and saving for retirement — AARP Money newsletter » Here are the 10 …

FICO Eases Pain of Medical Debt on Credit Scores

FICO, the nation’s leading credit-scoring company, is making two changes that could benefit consumers with debt that has gone into collection. In its newest scoring model, FICO will no longer count debt in collection that has been repaid or settled. The company will also discount medical debt in collection, so it has less of a negative impact on consumers’ scores. More than half of unpaid collections involve medical bills. The medical changes alone could boost a consumer’s score by 25 points, FICO said when announcing …

Is Medical Debt Highly Unhealthy for Your Credit Score?

Are consumers’ credit scores unfairly dinged by medical debt? The Consumer Financial Protection Bureau thinks so. The agency released a new report that says unpaid medical debt sent to collections – and appearing on credit reports – can overly penalize consumers. Credit scores, generated by information in credit reports, are three-digit numbers that try to predict a consumer’s likelihood of paying bills. The higher the number, the better. Businesses use scores to decide whether to extend credit and at what interest …