FICO score relief coming as medical collection debt will no longer be included on consumer credit reports starting in July.
The three credit-reporting firms cover more than 1.6 billion credit accounts for over 200 million adults every month.
"The total amount of medical debt in collections in the U.S. is likely higher, since not all medical debts in collections are furnished to consumer reporting companies," the CFPB noted in itsThe majority of medical debt collection tradelines on consumer credit reports are under $500, although many people with medical debt have multiple medical collections.
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70% of medical collection debt to soon fall off consumer credit reportsOn Friday, the three national credit reporting agencies, Equifax, Experian and TransUnion, announced a joint industry measure to remove nearly 70% of medical collection debt accounts from consumer credit reports.
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Credit bureaus to remove nearly 70% of medical debt from reportsEquifax, Experian and TransUnion announced Friday that they will remove nearly 70% of medical debt listed on consumer credit reports.
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Credit monitors to remove medical debt from credit reportsEquifax, Experian and TransUnion are making broad changes to how they report medical debt this summer. The changes, which have been in the works for several months, will remove nearly 70% of medical debt in collections accounts from credit reports.
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Equifax, Experian and TransUnion to wipe out most medical debt on credit reportThe announcement follows research from the Consumer Financial Protection Bureau showing that Americans had racked up $88 billion in medical debt on consumer credit records as of June 2021.
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WSJ News Exclusive | Most Medical Debts to Be Removed From Consumers’ Credit ReportsMost medical debts will be removed from consumers’ credit reports, easing a burden that makes it harder for millions of Americans to borrow
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