The change could help many of the 43 million Americans who have medical debt.
according to the Consumer Financial Protection Bureau. Two-thirds of medical debt come from a one-time or short-term medical emergency, according to the Kaiser Family Foundation.
The credit bureaus are making the change for several reasons, said Ted Rossman, senior industry analyst with BankRate.com.“There have been a lot of questions surrounding the accuracy of this medical debt information, how predictive it really is with respect to lending behaviors, whether it unfairly targets certain groups and whether it’s a fair comparison versus other loans,” Rossman said. “Medical debt can be a life-or-death situation. And insurance is super complicated.
The bureaus are also extending the time before new medical debt would appear on your credit report from six months to one year, “giving consumers more time to work with insurance and/or healthcare providers to address their debt before it is reported on their credit file.”
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
GameStop Says It Plans to Launch NFT Marketplace by End of JulyThe struggling video game retailer recently partnered with Immutable X to build out its NFT initiative.
Leer más »
Netflix’s live-action ‘Resident Evil’ series premieres July 14th | EngadgetThe show will be the first live-action TV adaptation of the videogame..
Leer más »
Gascón recall effort: Signatures on track for July deadline, campaign saysThe Recall DA George Gascón campaign announced Wednesday it has collected over 125,000 signatures, which is on track to meet the July 6 deadline for submission.
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 »
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 »
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
Leer más »