Consumer Credit Reporting Agencies Announce Changes to Reporting of Medical Collection Debt

  • by AGD Staff
  • Jun 20, 2022
6-20-22_DentalPracticeDentists who send overdue patient accounts to collection agencies in the hope of recovering monies due for treatment should be aware that the nation’s three consumer credit reporting agencies — Equifax, Experian and TransUnion — have announced that, beginning July 1, 2022, paid medical collection debt will no longer be included on consumer credit reports. It’s expected that nearly 70% of medical collection debt will be eliminated from consumer credit reports as a result of this change. The reporting agencies also announced two additional changes in practice: Beginning July 1, 2022, unpaid medical debt will not appear on consumer’s credit reports for one year, double the current grace period in effect, to allow consumers a chance to address medical debt; additionally, beginning in early 2023, reports issued by the three agencies will not include medical collection debt under $500.

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