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In April 2023, the three main credit bureaus — Equifax , Experian , and TransUnion — removed medical debt collections under $500 from consumer credit reports. (Most medical debts are under $500 .)
As of January, the credit score development company decided to eliminate medical debt or medical collection data, regardless of its payment status, from its VantageScore 3.0 and 4.0 scoring models.
Medical debt has long played an “outsized role” in credit reports, according to the Consumer Financial Protection Bureau (CFPB), with roughly 1 in 10 U.S. adults in arrears on medical bills.
In a report from last year, the CFPB found that medical debt is the most common collection type found on credit reports, showing up disproportionately more when compared to other forms of debt.
The Fair Credit Reporting Act ( FCRA ), 15 U.S.C. § 1681 et seq., is federal legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to shield consumers from the willful and/or negligent inclusion of erroneous data in their credit reports.
The agency found that 58% of bills in collections and on people’s credit records are medical bills. Here Are 6 Ways to Tackle Your Unpaid Medical Bills The best advice, as with almost any ...
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