Last week it was announced that there are some big changes coming to how medical debt will be reported on your credit, and many scores will be going UP because of it.
In fact nearly 70% of medical debt will be removed.
Here are the big changes:
July 1, 2022 paid medical debt will be removed from scores. That's important because for many it will remove late payment marks against them.
Credit reporting agencies will wait for 1 year (instead of the current 6 months) to report it on your credit. That can give a person more time to pay the debt instead of showing the collection.
And in 2023 none of the agencies will be reporting any medical debt under $500
Here is their statement. Equifax, Experian, and TransUnion Support U.S. Consumers With Changes to Medical Collection Debt Reporting