Upcoming changes may help boost your credit score.
FILE - In this March 5, 2012 file photo, consumer credit cards are posed in North Andover, Mass. Some people across the country could see their credit scores improve as quickly as July 1st.
The country’s three largest credit reporting firms – Equifax, Experian and TransUnion – will stop including medical debt that went to collections on credit reports after it has been paid,Also, consumers will get a year, up from six months, before unpaid medical debt appears on credit reports once it is sent to collections. Credit bureaus will also stop including any debt that is less than $500.
According to CNBC, roughly $88 billion in medical debt appears on consumer credit reports. Additionally, 58% of bills that are in collections and appear on credit reports are medical-related and about 43 million credit reports show those types of accounts in collections. Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
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