07/02/2022
Today July 1, the first of a couple changes to how medical debt report to the credit bureaus went into effect.
As of today, any paid medical debt will no longer be listed on a credit report. The true definition is the debt be paid in full and not settled for less.
Also as of today, a medical debt must have been delinquent for one year to be listed on a credit report. This is an increase from the 6 months it was prior to today. The clock starts ticking when the debt is first listed as delinquent, most commonly this would be the due date on the bill received from the doctor or hospital.
The burden of ensuring the accuracy of these items is on the credit bureaus, not the collection agencies or original creditors.
Please feel free to reach out to us if you have any questions about these changes. We have been tracking this closely.
Also, the next change to medical debt is loosely timed for the first half of 2023. Any medical debt under $500 will no longer be allowed to report to the credit bureaus.