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Credit Reporting Changes: Great News for Consumers on Medical Debt Collections

medical debt collection

Equifax, Experian and TransUnion have collectively decided to change their reporting of medical debt collection data on all consumer credit reports. The following changes will be effective June 24, 2022 for Experian and on July 1, 2022 for Equifax and TransUnion:

  1. Paid medical collection debt will no longer be included on consumer credit reports.
  2. The time before unpaid medical collection debt will appear on a consumer’s credit report will be increased from six months to one year.

More good news is that in the first half of 2023, medical debt collection accounts under a pre-defined minimum threshold will not be included on consumer credit reports. The threshold amount, which will be at least $500, will be published later this year.

Experian predicts that 70% of medical collections will be impacted by these changes.

This is great news for anyone suffering from insurmountable medical debt. The lone possible negative is that many consumers rely upon their credit reports to monitor what they owe. Just because a debt does not appear on your credit report does not mean you do not owe the debt.

If you have medical debt and are not sure how best to resolve it, contact us to get a free analysis of the problem and learn what may be the best approach for you and your particular circumstances. The call is free, and only takes a few minutes. The law offices of Fitzgerald & Campbell, APLC has been assisting consumers with medical bills for over 30 years. Call/text to 855-709-5788 or contact us to learn more.