Banks to Ditch 'Extinguished' Debts

Two major American banks—Bank of America and JPMorgan Chase—have announced a plan to drop old debts extinguished through bankruptcy from credit reports. The move comes as the banks, along with Citigroup and Synchrony Financial, battle a lawsuit that accuses them deliberately not removing bankruptcy discharges from credit reports for financial gain. As many as a million Americans who have been saddled with bad credit from bankruptcy may be affected by the change.