topic Re: Medical Collections to be removed from credit reports July 2022 in Credit in the News

New blog article: Medical debt removal from credit reports potentially impacts millions of consumers

Elizabeth_FICO — Thu, 24 Mar 2022 17:44:28 GMT

Hello everyone! If there's a new blog article that I think you guys might like I plan on posting it in the Forums.

This week's article is: Medical debt removal from credit reports potentially impacts millions of consumers

Let me know what you think about the article.

For more content don't forget to check out our blog.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

Anonymous — Thu, 24 Mar 2022 18:24:16 GMT

Good news for many people!

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

NurseV17 — Sat, 02 Apr 2022 15:04:28 GMT

This will be great for me. I have 2 paid medical collections that the collection agency refuse to delete.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

sjt — Mon, 04 Apr 2022 14:43:06 GMT

This is great news! It's long overdue IMHO.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

Anonymous — Wed, 13 Apr 2022 18:17:37 GMT

Has anyone tried to remove a paid medical collection from their reports through an early exclusion?

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

babygirl1256 — Thu, 14 Apr 2022 04:54:20 GMT

That is fantastic news for so many people . . . thanks for posting!!!

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

NurseV17 — Sun, 17 Apr 2022 17:04:44 GMT

@Anonymous wrote:
Has anyone tried to remove a paid medical collection from their reports through an early exclusion?

Yes I have. I did it online, and only Experian deleted one paid medical debt. It was the lowest one for 275.00. They left the 1900.00 paid medical debt on my credit report. Both debts are with same collection agency.

Medical Collections to be removed from credit reports July 2022

MovingOnward — Fri, 06 May 2022 18:19:33 GMT

I searched and didn't find this topic here (perhaps I missed it) but for those of us with medical collections on our reports, this looks like great news! https://www.cnet.com/personal-finance/medical-debt-to-be-removed-from-credit-reports-this-summer-what-to-know/

If this info has already been posted, I will be happy to delete this topic.

Re: Medical Collections to be removed from credit reports July 2022

MovingOnward — Fri, 06 May 2022 18:24:21 GMT

Here's the statement the credit reporting agencies put out: https://www.businesswire.com/news/home/20220318005244/en/Equifax-Experian-and-TransUnion-Support-U.S.-Consumers-With-Changes-to-Medical-Collection-Debt-Reporting

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

CloudyWeather1331 — Wed, 11 May 2022 04:18:40 GMT

Medical Debt OFFICIALLY getting removed from Credit Reports!

Just recieved email from Equifax about this! This will impact all 3 credit reporting agencies.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

RobynJ — Wed, 11 May 2022 04:19:28 GMT

Does this mean if there is a debt on your CR already it will come off or are they grandfathered in. My DH has a $325 medical from 5 years ago so I wonder what it's fate is. I planned on paying off this month. Since we got married I have been helping get his credit back in good standing.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

babygirl1256 — Wed, 11 May 2022 04:19:45 GMT

That's super news . . . I don't have any medical collections but it will certainly help many consumers!!! That was a great collaborated effort by the CRAs and it would be great if they reduced the debt reporting from 7 years to 5 years . . . but I guess that will NOT happen any time soon.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

calisig — Fri, 27 May 2022 02:07:54 GMT

This is terrible news! The whole point of credit reporting is to create a system where people can get loans, and there be incentive to repay them. But if there is no incentive to repay medical debt, then why would any lender have incentive to make medical loans? And if no one has to pay their medical debts, then there is no incentive to have medical insurance either. Then on top of that, in order to make up for all the lost debt, medical providers will have to increase the fees of those who pay to cover all those who don't. Not reporting medical bad debt is terrible for everyone, and will just make it harder (more expensive) to access medical care.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

IluvuscOH — Tue, 31 May 2022 01:50:57 GMT

Wife broke her ankle 70k plus to put it back together. I think the medical field will be okay. Also its small debt that is not suppose to be reported, they will just raise the cost of service over the threshold.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

Ramdriver — Thu, 02 Jun 2022 14:40:50 GMT

What about medical collections that were settled in full?

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

Ramdriver — Sun, 05 Jun 2022 20:27:08 GMT

@calisig wrote:
This is terrible news! The whole point of credit reporting is to create a system where people can get loans, and there be incentive to repay them. But if there is no incentive to repay medical debt, then why would any lender have incentive to make medical loans? And if no one has to pay their medical debts, then there is no incentive to have medical insurance either. Then on top of that, in order to make up for all the lost debt, medical providers will have to increase the fees of those who pay to cover all those who don't. Not reporting medical bad debt is terrible for everyone, and will just make it harder (more expensive) to access medical care.

On the contrary , I think one is more likely to pay if they know it'll be removed from their reports.

Example: I have a medical collection that I will pay if it gets removed. Otherwise I'll settle or let it ride.

These collection agencys buy these debts for 10 cents or less on the dollar .

But refuse to PFD

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

calisig — Sun, 05 Jun 2022 20:50:14 GMT

@Ramdriver wrote:
I think one is more likely to pay if they know it'll be removed from their reports.
Example: I have a medical collection that I will pay if it gets removed. Otherwise I'll settle or let it ride.
These collection agencys buy these debts for 10 cents or less on the dollar .
But refuse to PFD

What you describe in your example is not what I am writing about. I'm not arguing against PFD. PFD is using reporting agencies to encourage payment, and PFD is part of free market negotiation, which is something I would absolutely support. What I think is detrimental is discontinuation of reporting unpaid debt - including medical debt, and unless I misunderstand, it is the discontinuation of reporting unpaid (medical) debt that many in this string think is a good thing.

Re: New blog article: Medical debt removal from credit reports potentially impacts millions of consu

Ramdriver — Sun, 05 Jun 2022 23:22:59 GMT

@calisig wrote:
@Ramdriver wrote:
I think one is more likely to pay if they know it'll be removed from their reports.
Example: I have a medical collection that I will pay if it gets removed. Otherwise I'll settle or let it ride.
These collection agencys buy these debts for 10 cents or less on the dollar .
But refuse to PFD
What you describe in your example is not what I am writing about. I'm not arguing against PFD. PFD is using reporting agencies to encourage payment, and PFD is part of free market negotiation, which is something I would absolutely support. What I think is detrimental is discontinuation of reporting unpaid debt - including medical debt, and unless I misunderstand, it is the discontinuation of reporting unpaid (medical) debt that many in this string think is a good thing.

True

But that would only apply to debts under $500 begining next year.

Right now collections uder $100 are not considered by FICO scoring

Are the Bureaus making it Easy to remove Medical Debt?

CreditCharmer — Wed, 16 Nov 2022 07:07:57 GMT

By now, I guess we've all heard the changes surrounding removing medical debt. My question is have the bureaus been honoring the requests for removal?

Unfortunately the bureaus are known for blatantly ignoring rules, regulations, policy and procedures.

Are they playing ball or are they making ppl jump through hoops? Just curious.

https://www.consumerfinance.gov/about-us/newsroom/cfpb-publishes-analysis-of-potential-impacts-of-medical-debt-credit-reporting-changes/