The three major credit reporting companies, Equifax, Experian, and TransUnion, will no longer include paid medical debt in their credit reports. Additionally, they will give people an extra six months to pay any medical debt that has been sent to collections before reporting it. Previously, credit users were given six months to resolve their medical debt in collections. The move will eliminate almost 70% of the medical debt currently tarnishing consumers’ credit reports. The federal Consumer Financial Protection Bureau is working towards a decision on whether or not medical debt should be included on credit reports at all.
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