Starting today, July 1, 2022, Experian, Equifax, and TransUnion will remove paid medical collections from credit reports.
From now on, medical debts less than $500 will not go onto credit reports.
There will now be a ONE YEAR grace period between the time a late medical debt occurs and when it goes on the credit report.
This is all according to a report titled “Medical Debt Burden in the United States” by the Consumer Finance Protection Bureau (CFPB).
They estimate that these new practices will remove about 70% of negative medical accounts off of credit reports.
That is GOOD NEWS for sure!
For your edification and inspiration, I wrote Credit Repair MINDSET. You can read the first chapter by using the “Look Inside” feature here In the companion Journal, I include my own personal story of going from a broke renter to a homeowner. .