Credit firms spare Americans one false symptom - rob_cyran -
Equifax, Experian and TransUnion on March 18 said they will remove nearly 70% of medical debt items from U.S. consumers’ credit reports. The three credit-scoring agencies will remove healthcare debt paid after being transferred by the original creditors to collection services, as well as unpaid debts less than $500. New unpaid debts will not be added to reports for one year after being transferred to collection services.
The U.S. Consumer Financial Protection Bureau estimates there is $88 billion in medical debt on consumers' credit records, and that 58% of all third-party collections were for medical debt. Credit-scoring firm FICO weighs medical claims less heavily in recent models. It said in 2015 the median score for people whose only credit blemish was a medical delinquency rose approximately 25 points. Many creditors still use older models, however, according to the CFPB.Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017.
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