CREDIT BUREAUS ANNOUNCE SWEEPING CHANGES TO REPORTING MEDICAL DEBT

CREDIT BUREAUS ANNOUNCE SWEEPING CHANGES TO REPORTING MEDICAL DEBT

Equifax, Experian and TransUnion have announced that they will change how they approach medical debt on consumer credit reports. Effective July 1, 2022, Equifax, Experian and TransUnion will no longer consider paid medical collection debt on consumer credit reports.

These joint measures are expected to remove nearly 70% of medical debt in collections from consumer credit reports. New unpaid medical debts will not be added to consumer credit reports until a full year after being sent to collections. Reportedly, the three credit bureaus are planning to remove any unpaid medical debt of less than $500 in 2023, with the potential for that threshold to rise. Read More