The change could help many of the 43 million Americans who have medical debt.
according to the Consumer Financial Protection Bureau. Two-thirds of medical debt come from a one-time or short-term medical emergency, according to the Kaiser Family Foundation.
The credit bureaus are making the change for several reasons, said Ted Rossman, senior industry analyst with BankRate.com.“There have been a lot of questions surrounding the accuracy of this medical debt information, how predictive it really is with respect to lending behaviors, whether it unfairly targets certain groups and whether it’s a fair comparison versus other loans,” Rossman said. “Medical debt can be a life-or-death situation. And insurance is super complicated.
The bureaus are also extending the time before new medical debt would appear on your credit report from six months to one year, “giving consumers more time to work with insurance and/or healthcare providers to address their debt before it is reported on their credit file.”
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