Mortgage Program
OF THE MONTH
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REALTOR TIP OF THE MONTH
The CFPB (Consumer Financial Protection Bureau) issued a concern to the credit industry regarding medical debt and consumers. The Director of the CFPB stated that 58% of the debt in collections on people's credit reports is medical debt. As a result, the credit bureaus have agreed to alter the data reported on a consumer's credit report regarding medical debt.
What you need to know:
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Effective July 1, 2022, paid medical collection debt will no longer be included on consumer credit reports.
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Unpaid medical collection debt must be one-year-old before it appears on a consumer's report. This timeframe used to be 6 months and will now allow consumers more time to work with insurance and /or healthcare providers to address their debt before it is reported on their credit file.
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As of March 30, 2023, credit bureaus will no longer include medical collection debt under at least $500 on credit reports.