( CNBC.com )
Medical debt will start falling off credit reports this summer. Here’s what you need to know.
If you have looming medical debts on your credit report, there’s relief on the way. The three largest credit bureaus, TransUnion, Equifax and Experian are removing cleared medical debts from consumers credit reports beginning in July. This means that if you’ve paid your medical bill in full and the debt is still sitting on your credit report as a negative mark, this negative mark will now be removed.
This is a relief for millions of Americans that are battling an estimated $88 billion in medical debt, according to a report published by the Consumer Financial Protection Bureau last month.
These debts have had significant long-term financial consequences on consumers as these paid debts that were sent to collections remained as a red-mark on their reports, leaving them with fewer options for housing, loans and credit cards. Moreover, studies show that these debts can rollover into further medical issues such as stress and high blood pressure — leading to even more medical debt.
So if you’ve had medical debt in recent years, or are currently dealing with it, there’s change on the way that can potentially benefit your credit score — and overall financial health.
Select investigated the decision by the credit bureaus, what it means for consumers and how to handle your current or past medical debt.
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