2023 has seen a significant change to credit reports. One major change took effect in the first half of 2023.
The three credit bureaus, Equifax, TransUnion, and Experian, will stop reporting delinquent medical debts under $500.
This will remove roughly 70% of medical collection debt from consumer credit reports, around $88 billion.
This change is positive for consumers, as it will make it easier for them to move past their existing medical debt.
This positive change in credit reports can help people avoid having it hurt their credit scores altogether.
It is important for consumers to review their credit reports to ensure that they reflect the new rules.
You are entitled to a free copy of your credit report once a year from each major reporting bureau.
This ensures you can access your credit report at any time without spending any money.
Additionally, monitoring credit files once every few months is recommended to spot errors or inaccurate reporting.