Millions of Americans will have paid medical debt WIPED from credit reports unpaid debts under $500

[Demovictory9]

https://www.dailymail.co.uk/news/article-10627609/Credit-reporting-firms-strip-tens-billions-dollars-medical-debts-credit-reports.html

Millions of Americans will have their medical debt WIPED from credit reports: Equifax, Experian and TransUnion to strip billions of dollars from record - allowing people to get home and car loans previously denied

Equifax, Experian, and TransUnion all announced Friday they would collectively wipe 70 percent of a reported $195 billion deficit from their collection accounts

The change targets already paid debts still stuck in collections, which can mar a consumers' credit report for up to seven years even after they've been paid off

The firms are also planning to remove all unpaid debts of less than $500 in the first half of 2023 - a threshold that could rise, sources close to the matter said

Under the companies' new guidance, new unpaid medical debts won’t get added to credit reports for a full year even after being sent to collections

Outstanding medical costs can result in consumers being denied loans for cars homes, and college, as well as applications for property purchases and rentals
The change announced by the three credit giants - the world's three largest consumer credit agencies - seeks to aid those negatively affected by those debts

[Scrivener7]

1. This is great. But I wonder how many people are able to pay off a medical debt

in one year.