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.