Seventy percent of medical debt information will soon be removed from consumer credit reports, the three major credit reporting agencies recently announced. Starting in July 2022, medical collection debt won’t appear on credit reports if the debt has been paid, according to a joint press release from Equifax, TransUnion and Experian.
Additionally, the time period before unpaid medical collection debt would appear on a consumer’s report will be increased from six months to one year, according to the release. This means the three involved credit reporting agencies will not include medical collection debt under $500 on credit reports in the first half of 2023.
If you have any questions regarding this or anything else related to a bankruptcy case, contact the Sader Law Firm at (816) 561-1818.