NEW YORK—Medical collections debt under $500 should no longer appear on consumers’ credit report, which should boost many American’s credit scores, a new report states.
As CUToday.info reported earlier, the three major credit bureaus — Experian, Equifax and TransUnion — recently stated that they have finished scrubbing credit reports of any medical debt that went to collections for an initial balance under $500.
“This long-awaited action by the credit bureaus is part of a larger overhaul of how medical debt is now treated on credit reports,” Yahoo Money said.
Overall, the bureaus say the latest move has eliminated 70% of medical collections debt tradelines from Americans’ credit reports.
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