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That’s right folks. Beginning in roughly a week, starting July 1st 2022, the 3 major credit agencies, Equifax, Experian, and TransUnion have all agreed to remove paid medical debts from credit reports. I got bit by this bug in 2005 when I moved from NYC to LA and forgot to pay a $5 copay on an office visit. A few years later, I tried to lease a Jeep and found out my credit report had an unpaid debt…that’s darn copay. If you’re in this situation, you going to see a swift upkick to your score.
They’ve gone another step, the clock starts on unpaid medical debt as well. Unpaid medical debt won’t show up until 12 months have passed – the $5 copay I had went to collections at the 6 month mark.
If that wasn’t enough, in 2023, Equifax, Experian, and TransUnion will no longer include medical debt under $500 in their credit reporting.
To recap:
- Starting July 1st, paid medical debt will be removed from Equifax, Experian, and TransUnion
- Starting July 1st, unpaid medical debt won’t be reported for 12 months on Equifax, Experian, and TransUnion
- In 2023, unpaid medical debt under $500 won’t be reported on Equifax, Experian, and TransUnion
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