Changes to Medical Collection Debt | TransUnion, Experian, Equifax

[LaneBlane]

I don't know if anyone else has posted a thread about this, so I thought I'd do so.

According to a March 18, 2022 article on TransUnion's Website, TransUnion, Experian, and Equifax are making changes to their medical collection debt reporting.  Effective July 1, 2022, paid medical collection debt will not longer be included on consumer credit reports.  Also, the time period before medical collection debt may be reported to the CRAs will increase from 6-months to one year.  Lastly, beginning sometime during the first-half of 2023, medical collection debt under $500 will no longer be reported.

Link to article: https://newsroom.transunion.com/equifax-experian-and-transunion-support-us-consumers-with-changes-to-medical-collection-debt-reporting/

[LaneBlane]

I just received this email from Equifax that confirms this information:

 

Changes for consumers made jointly by Equifax, Experian, and TransUnion

The three nationwide credit reporting agencies - Equifax, Experian and TransUnion - have agreed to three important changes to reporting medical collection accounts.

• Paid medical collection debt will no longer be included on consumer credit reports, as of July 1, 2022. • The time period before unpaid medical collection debt will appear on a consumer’s report will be increased from six months to one year, also effective July 1, 2022. This change gives consumers more time to work with insurance and/or healthcare providers to address medical collection debt before it appears on credit reports. • Medical debt collection accounts under at least $500 will no longer be included on consumer credit reports. This goes into effect the first half of 2023.

These significant changes to medical collection debt reporting support consumers faced with unexpected medical bills.