Medical Bills Won't Haunt Your Credit Report Anymore
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Later this summer, Equifax, Experian and TransUnion will begin removing medical debt from credit reports, significantly reducing a major borrowing barrier for tens of millions of Americans.
The three major credit bureaus announced Friday that a significant overhaul to how medical debt appears on credit reports is coming July 1, with additional changes slated for 2023.
“These joint measures will remove nearly 70% of medical collection debt tradelines from consumer credit reports, a step taken after months of industry research,” the three bureaus said in a joint statement.
Medical debt, largely stemming from unexpected health emergencies, plagues many Americans. Unpaid bills often go to collections and then show up on credit reports, ultimately keeping people from accessing credit, housing and even employment.
