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Medical Collections Being Removed From Credit Reports
Manage episode 327413323 series 3056123
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Medical Collections Being Removed From Credit Reports
Starting on July 1, 2022 there are some big changes coming to the credit reporting for consumers. This is great news for consumers!
Medical collections will not be able to report to the consumer credits report for 365 days. This will give the consumer more time to work with their insurance company or to pay the bill outright before it hits your credit report.
Paid medical collections will be removed from your credit report. In the past, a paid medical collection would stay on your credit report and it could have negatively affected your credit score.
The good news does not stop in July. Starting in March 2023 any medical collection under $500 will not be reported to the credit bureaus.
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