How 2023 credit report changes affect you

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Changes to credit reports in 2023 will have a significant impact on consumers like you. Here's the gist.

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Credit bureaus will stop reporting delinquent medical debts under $500, which will be omitted from credit reports.

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This change is expected to remove roughly 70% of medical collection debt from credit reports, around $88 billion.

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This change will be a welcome relief for millions of Americans who have been burdened with medical debt.

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Credit bureaus will remove medical collection debt with initial reported balance of less than $500 from credit reports.

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These changes will help many consumers build or rebuild their credit worthiness, credit scores, and credit history.

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These changes to credit reports in 2023 will also have a significant impact on your credit scores.

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The new FICO® 10 credit scoring model will incorporate account balances for the last 24-plus months.

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This could result in a downward shift for those with recent delinquency or high credit utilization ratios.

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