A standing correction
Some of the most repeated advice about death and money is simply false. We check it against the source, and we publish what we find.
The claim
“Medical debt no longer appears on your credit report.”
Why it is wrong
The Consumer Financial Protection Bureau finalized a rule to that effect in January 2025, but a federal court vacated it on July 11, 2025. As of that ruling, no federal rule keeps medical debt off credit reports, though some states have their own protections.
Almost every article written since then repeats a rule that no longer exists.
The claim
“Heirs get six months, plus two ninety day extensions, to settle a reverse mortgage.”
Why it is wrong
This timeline appears on nearly every estate website and it is not in the regulation. HUD states the loan is due within thirty days of the borrower's death, and the six months is the lender's own deadline to begin foreclosure, not a grace period for the family.
Believing the common version can cost a family the house.
The claim
“States hold seventy billion dollars in unclaimed property.”
Why it is wrong
We cannot trace this figure to any primary source. What the state administrators actually publish is that they returned over five billion dollars in a single year, and that roughly one in seven people has unclaimed property waiting.
That is reason enough to search, and it has the advantage of being true.
The claim
“Life insurance claims must be filed within thirty to sixty days.”
Why it is wrong
Many states set no filing deadline in statute, and the urgency families are told about is often not real. The policy itself can still contain a time limit, and states set their own limits on suing an insurer. Ask the insurer in writing what limit applies to your policy rather than assuming there is none.
The claim
“The FTC tells families to notify the credit bureaus when someone dies.”
Why it is wrong
The Federal Trade Commission publishes little dedicated guidance on identity theft of a person who has died. The advice is sound, but the substance comes from state attorneys general, and we cite them instead of inventing an authority.
If you find something here that we have got wrong, tell us, and we will correct it and say so.
Last updated July 2026
This is general information, not legal, tax, financial, or medical advice. Rules vary by state and change over time. Please confirm anything that affects your situation with a qualified professional.