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Two Big Banks To Erase 'Zombie Debt' From Credit Reports04:59Download

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(Sean MacEntee/Flickr)

Bank of America and JP Morgan Chase have agreed to erase debts on credit reports that legally should have been eliminated in bankruptcy.

These so-called "zombie debts" kept debts on credit reports long after they should have been removed and often prevented consumers from getting jobs or renting apartments.

Professor Lois Lupica of the University of Maine Law School tells Here & Now's Meghna Chakrabarti about these zombie debts and what this agreement will mean for consumers.

Guest

  • Lois Lupica, professor at the University of Maine Law School.

This segment aired on May 8, 2015.

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