Medical debt can be volatile and unpredictable, and can negatively affect many financially secure consumers. Black, Hispanic, young and low-income consumers are most likely to be impacted by medical debt, the bureau said.Medical debt concerns have heightened since the Covid-19 pandemic hospitalized millions of people, and CFBP Director Rohit Chopra has been publicly critical of medical debt collections by credit reporting agencies.
"We expect them to take seriously their role as major actors in the credit reporting system -- a system whose integrity and accuracy can determine the financial futures of hundreds of millions of people," Chopra said. Starting July 1, paid medical collection debt will no longer be included on consumer credit reports. Millions of Americans had credit scores previously lowered because debts paid after being sent to collections could appear on credit reports for up to seven years.
More changes are expected. It will now take one month before unpaid medical collection debt appears on a consumer's report, instead of six months, the previous standard. The three companies also said that starting in the first half of 2023, medical collection debt less than $500 will no longer be included on credit reports.
This is good
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit monitors to remove medical debt from credit reportsEquifax, Experian and TransUnion are making broad changes to how they report medical debt this summer. The changes, which have been in the works for several months, will remove nearly 70% of medical debt in collections accounts from credit reports. Hello guys i just found an special application now you can mine Bitcoins Ethereum & Dogecoin in your smartphone easily download the app and earn lot off Bitcoins i have also earned 550$. instant.Hurray Nice this would really help the hood 🌎🌎The first eco-friendly token with a physical project❤️✔️ Retoken
Source: MarketWatch - 🏆 3. / 97 Read more »
70% of medical collection debt to soon fall off consumer credit reportsOn Friday, the three national credit reporting agencies, Equifax, Experian and TransUnion, announced a joint industry measure to remove nearly 70% of medical collection debt accounts from consumer credit reports.
Source: wjxt4 - 🏆 246. / 63 Read more »
Credit bureaus to remove nearly 70% of medical debt from reportsEquifax, Experian and TransUnion announced Friday that they will remove nearly 70% of medical debt listed on consumer credit reports. So a 680 fico will now be a 700 fico. Big difference in qualifications for interest rates going forward. Do student loans next. The debtor pool must be low. 😑 They’ve got to cast a wider net. Not enough interest has been collected.
Source: 10News - 🏆 732. / 50 Read more »
WSJ News Exclusive | Most Medical Debts to Be Removed From Consumers’ Credit ReportsMost medical debts will be removed from consumers’ credit reports, easing a burden that makes it harder for millions of Americans to borrow LoL - If you can't pay your bills no one should lend to you. Would be even more impactful if someone would regulate medical providers and their egregious billing practices. No one should go bankrupt for receiving healthcare. Yeah you might as well go ahead and remove their student debt. Sounds like their setting the 2008 credit swap housing crisis all over again. Let people who have no business borrowing money have it so they can default and blow up the system again.
Source: WSJ - 🏆 98. / 63 Read more »
Most Medical Debt Will Be Wiped From Consumer Credit ReportsA large number of U.S. consumers will have their medical debt wiped from their credit reports, the nation’s largest credit reporting agencies announced.
Source: NBCDFW - 🏆 288. / 63 Read more »
Most medical debt to be removed from credit reportsThe changes will remove nearly 70% of medical debt from consumer credit reports.
Source: ActionNewsJax - 🏆 436. / 53 Read more »