Changes to credit reports in 2023 will have a significant impact on consumers like you. Here's the gist.
Credit bureaus will stop reporting delinquent medical debts under $500, which will be omitted from credit reports.
This change is expected to remove roughly 70% of medical collection debt from credit reports, around $88 billion.
This change will be a welcome relief for millions of Americans who have been burdened with medical debt.
Credit bureaus will remove medical collection debt with initial reported balance of less than $500 from credit reports.
These changes will help many consumers build or rebuild their credit worthiness, credit scores, and credit history.
These changes to credit reports in 2023 will also have a significant impact on your credit scores.
The new FICO® 10 credit scoring model will incorporate account balances for the last 24-plus months.
This could result in a downward shift for those with recent delinquency or high credit utilization ratios.