Credit reporting agencies made changes as pressure from consumer regulators mounted
three changes in reporting that are expected to eliminate more than $60 billion of debt from existing reports.In addition, people will have 12 months, up from six, to settle medical bills before unpaid collection debt appears on reports.
The third change, slated for the first half of 2023, will eliminate the reporting of all medical collection debt under $500., as most medical collections on credit reports are low-dollar accounts. Data from a recent national sampling for the CFPB showed a median medical collection amount of $310 in 2020, with 62% of collections under $490.
According to the Kaiser Family Foundation, two-thirds of medical debts are the result of a one-time or short-term medical expense arising from an acute medical need. Certain newer credit models used by the reporting agencies already take this into account, but some widely-used models do not — particularly the older FICO models required for federally-backed mortgages, notes Ted Rossman, senior industry analyst at Bankrate."Medical collection debt often arises from unforeseen medical circumstances.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
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.
Leer más »
Child tax credit means some families get smaller refund this tax seasonFamilies who received the advanced child tax credit payments are seeing smaller refunds, and that’s making it tough to afford everything else their family needs.
Leer más »
Most medical debt will be dropped from consumers' credit reportsMedical bills have become a source of major financial trouble for millions of Americans, amounting to the largest source of personal debt in the U.S.
Leer más »
Child Tax Credit: Nearly half of eligible N.J. families haven’t filed for benefits as deadline loomsEligible families have until April 18 to file to get the refundable credit.
Leer más »
Muna Spill the Tea on ‘Anything But Me,’ Give Phoebe Bridgers the Credit She Deserves“I think it’s still sinking in, to be honest with you — we’re just getting a lot of love, so you just try to receive it and believe it,” lead vocalist Katie Gavin says.
Leer más »
Paid medical collections to be removed from credit reports - KRLD News - Omny.fm
Leer más »