"Effective July 1, 2022, paid medical collection debt will no longer be included on consumer credit reports," the credit bureaus said in a joint statement.
The credit bureaus are also giving consumers a year to address medical debt before it appears on a credit report. Previously, consumers had six months to resolve an unpaid debt before it was reported. Starting in 2023, Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports.
“Medical collections debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal wellbeing,” the CEOs of the three credit bureaus said in a statement.Nearly 1 in 10 Americans carry medical debt over $250, according to a study from the Kaiser Family Foundation.
The dirty secret is that most of this medical debt was logged in violation of HIPAA laws
It only said it won't report if you owe less than $500. 😑
Well good for score, but those don't matter when getting a mortgage. But People need to pay their debts
Medical debt shouldn't be on credit reports. People have no control over health and rising costs. I think it's great. Someone mentioned student loans, you made that choice you pay.
If they only did that back when I needed it...
The debtor pool must be low. 😑 They’ve got to cast a wider net. Not enough interest has been collected.
Do student loans next.
So a 680 fico will now be a 700 fico. Big difference in qualifications for interest rates going forward.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »