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Credit Ratings

Gen Z sees largest credit score decline of any age group, FICO says

by Priya Shah – Business Editor October 27, 2025

written by Priya Shah – Business Editor

Gen Z credit Scores Plummet, signaling Broader Economic Concerns

Washington D.C. – credit scores among Gen Z consumers are experiencing the steepest decline of any age group,according to a recent report from FICO,raising concerns about their financial futures and perhaps signaling broader economic headwinds. The average credit score for those aged 18-29 fell by the largest margin in the past year, a trend experts attribute to delayed financial milestones and increasing⁤ economic uncertainty.

This downturn isn’t simply a matter⁢ of young people having‍ limited ⁤credit history. It reflects a growing struggle to manage debt and establish financial stability in a challenging economic landscape. The decline impacts Gen ⁣Z’s ability‍ to secure loans for major purchases like homes and cars, potentially hindering wealth-building opportunities ⁣and exacerbating⁤ existing financial inequalities. Understanding how to build and maintain ‌credit is now more crucial than ever for this generation.

Several factors are contributing to the trend. Job market uncertainties are prompting many young adults to postpone important‌ financial commitments, delaying the establishment of credit. Simultaneously, a growing number are falling behind on existing payments.

Here’s how to‍ navigate the current climate and build a strong credit foundation:

* Monitor Your Credit: Regularly checking your credit score is ⁤essential. Services like FICO, Experian and Credit Karma offer free access to credit scores and reports.
* ⁤ prioritize Timely Payments: Payment history accounts for approximately 35% ⁢of your FICO score. Consistent, on-time payments – whether minimum or full balance – are paramount. setting up automatic payments can help avoid missed deadlines.
* Manage Credit Utilization: Keep your credit utilization – the amount of credit you’re using compared to your total⁤ credit limit – low. While avoiding debt is ideal, utilizing between 10% and 30% of‍ your⁤ available credit ⁢is generally considered beneficial.

Anna Kleiber can be reached at akleiber@gannett.com.

October 27, 2025 0 comments

Business

Got an hour? Save money with these 8 ‘financial fixes.’

by Priya Shah – Business Editor October 26, 2025

written by Priya Shah – Business Editor

Last-Minute Financial Checkup Could Add Hundreds ⁢to Your Pocket

WASHINGTON – With the year winding down, a focused hour of financial review could unlock hundreds⁢ of dollars in savings ⁢and unclaimed funds, experts say. From forgotten subscriptions to overlooked retirement accounts,simple ⁤”financial fixes” can significantly boost your bottom line – and require minimal⁤ effort.

Financial planners emphasize that small adjustments, ⁣consistently applied, can yield considerable long-term benefits. “Often, ⁤it’s about identifying ‘money leaks’ and plugging them,” explains Ted Rossman, a⁤ financial expert. “These aren’t necessarily⁤ huge changes, but they add up.”

Here are eight ‍areas to‌ address for a quick financial ‍win:

1.‌ Shop Around for Car Insurance: Regularly comparing quotes from diffrent insurers is crucial. Prices fluctuate,and you may be overpaying for⁤ the same coverage.

2. Look for Unclaimed Assets: Millions of⁣ Americans have ⁤unclaimed cash in lost or forgotten accounts, including old bank⁣ accounts, uncashed paychecks, and left-behind 401(k)‍ accounts. Resources ‌like Missing Money serve as clearinghouses‌ for ‌unclaimed property.For forgotten 401(k) money, check ⁣the National Registry of Unclaimed Retirement Benefits.

3. Audit Your ‌Subscriptions: Many consumers unknowingly pay for subscriptions‌ they don’t use. The average ‍American has approximately 12 media subscriptions,and a recent CNET survey revealed⁣ that unused subscriptions cost Americans around ⁢$200 annually. Review recent account activity and cancel forgotten services.

4. Raise‌ Your 401(k) Contribution: Increasing your retirement savings,⁢ even by a small percentage,⁣ can have a critically important impact. The maximum‍ 401(k) contribution for 2025‌ is⁤ $23,500, with higher limits for ‍older savers. “If ‌you’re saving 10%, can you make it 11?” Rossman suggests.”You problably won’t even miss the money.” 401(k) ⁤savings rates recently reached an all-time high,but maximizing contributions remains key.

5. ‌Review Credit Card Rewards: Ensure you’re maximizing the rewards offered‍ by your credit cards.Utilize cash-back programs, travel points, ⁢or other perks.

6. Check for ⁣Bank Fees: Scrutinize ⁣your⁢ bank ⁣statements for ‌needless fees, such as monthly maintenance fees or overdraft charges. Consider switching to a bank with lower or no fees.

7. Negotiate Bills: Don’t hesitate to contact ‌service providers – internet,‌ cable, ⁤phone – and negotiate lower‍ rates. Competition is fierce, and companies are often willing to offer discounts‍ to retain‍ customers.

8. Utilize Cashback Apps and Websites: Take advantage of‌ cashback apps and websites⁢ when making purchases. These platforms⁢ offer rebates on everyday items, providing additional savings.

October 26, 2025 0 comments

Business

Judge scrubs Biden medical debt rule at Trump admin’s request

by Priya Shah – Business Editor July 16, 2025

written by Priya Shah – Business Editor

Here’s a transformed version of the article, focusing on unique phrasing, verifiable facts, and a breaking-news lead with evergreen context:

Breaking: Federal Rule to Remove Medical Bills from credit Reports Finalized, Impacting Millions

A new federal rule has been finalized, aiming to remove medical debt from consumer credit reports. This decision is expected to affect approximately 15 million americans who currently have medical debt listed on their credit files. The Consumer Financial Protection Bureau (CFPB) stated that these individuals are often penalized with lower credit scores not due to non-payment, but becuase they are actively disputing the charges or because hospitals have reported the debt incorrectly.

Evergreen Context: The Evolving Landscape of Medical Debt and Credit Reporting

The finalized rule addresses a long-standing concern regarding the accuracy and fairness of credit reporting for medical expenses. Previously, medical debt, nonetheless of its age or amount, could negatively impact a consumer’s creditworthiness. While the three largest credit reporting companies have already begun removing paid medical debts, unpaid debts less than a year old, and those under $500, this new rule signifies a broader shift in how medical debt is treated in the credit system.

Industry groups, however, have expressed reservations about the rule’s potential impact on lending decisions. The Consumer Data Industry Association, through its president and CEO Dan Smith, argued that details on unpaid medical debts is crucial for assessing a consumer’s ability to repay loans. Smith emphasized that excluding this data could present an “inaccurate and incomplete picture” and compromise the “integrity of the system.”

This development occurs against a backdrop of critically important legislative changes that could affect millions of Americans’ access to health insurance. The Trump administration’s tax cut and spending law is projected to reduce federal spending on Medicaid and Affordable Care Act (ACA) insurance plans by approximately $1 trillion over the next decade. According to the congressional Budget Office (CBO), this could lead to the elimination of health insurance coverage for 11.8 million people. Moreover, the law’s failure to extend COVID-19 pandemic-era tax credits, which made ACA plans more affordable, could result in an additional 5 million individuals losing their health insurance, as indicated by a prior CBO analysis.

July 16, 2025 0 comments