Update Debtors' Credit Reports Or Face Liability

Law360, New York (August 5, 2014, 10:36 AM EDT) -- A typical lender is often managing tens of thousands of accounts of all different types and in various states of financial health. So what happens when a lender, for whatever reason, fails to update credit reporting agencies about the status of a debt discharged in bankruptcy?

In a recent case from the U.S. Bankruptcy Court for the Southern District of New York, a major creditor is now exposed to liability for violating a discharge injunction. The opinion, issued July 22, 2014, serves as a red flag...
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