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Most medical debt will be wiped from consumer credit reports

3/22/22
from CNBC,
3/19/22:

A large number of U.S. consumers will have their medical debt wiped from their credit reports, the nation’s largest credit reporting agencies announced Friday. Equifax, Experian and TransUnion said in a joint statement they would remove nearly 70% of medical collection debt accounts from consumer credit reports after conducting months of market research. The changes will start to take place this summer. “After two years of the COVID-19 pandemic and a detailed review of the prevalence of medical collection debt on credit reports, the NCRAs (nationwide credit reporting agencies) are making changes to help people to focus on their personal wellbeing and recovery,” the companies said. Starting July 1, medical debts that were sent to debt collectors and eventually paid off will no longer be included on consumer credit reports.

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