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Senator Schumer fights "Zombie Debt"

U.S. Senator Charles Schumer
WBFO File Photo

While many will be out dressed as zombies for Halloween, Senator Charles Schumer is fighting the threat posed by "zombie debt".

Zombie debt is debt that has been paid off but still causes problems on your credit report. Last year the Consumer Financial Protection Bureau received over 2,400 reports from upstate New Yorkers who had issues with incorrect credit reports.                                                                                                            

Schumer recently announced that he is working to have laws passed that require creditors to update reports immediately after consumers pay off a debt. Schumer says zombie debt can hurt one's ability to obtain employment, secure a mortgage or receive other credit.

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