New credit leniency and protections for our highly respected U.S. Veterans have been signed into law. Here are the important points to know:
- Medical debts/collections incurred cannot be reported to a veteran’s credit report for one full year from the time the medical service was provided.
- If any medical debt has been reported as delinquent, a collection, or a charge-off, it must be removed from the veterans credit report once it has been satisfied.
- If a medical debt is in the process of being paid by the VA, and the Veteran provides the proper documentation to the credit bureaus, it must be removed from their credit report.
- Veterans on active duty are to receive free credit monitoring that will alert them to any material changes on their credit reports.
Thanks to the Economic Growth, Regulatory Relief and Consumer Protection Act initiated by Senator Mike Crapo (R-ID) and signed into law May 2018.
Thanks to Credit Repair Resources, LLC, for this information.
Thanks to every United States Veteran and Service Member for protecting our great nation.
Please pass on this important information to every U.S. Veteran, because many have medical accounts and are unaware of this law. Thank you.