Medical collection debt change on the horizon

Equifax, Experian, and TransUnion have announced significant changes to medical collection debt reporting to support consumers faced with unexpected medical bills.

Here are the changes that will be effective July 1, 2022: 

• Paid medical collection debt will no longer be included on consumer credit reports;
• The time period before unpaid medical collection debt will appear on a consumer’s credit file will be increased from six months to one year;
• In the first half of 2023, Equifax, Experian, and TransUnion will no longer include medical collection debt under $500 on credit reports. 

Each consumer’s credit profile is unique, and individual credit score impacts will vary. As these changes roll out, please contact us if you have any questions.