New Rule Changes May Affect Your Credit

Your credit report impacts your life more than the average person realizes, with more negative consequences than you may think.

In fact, your credit report can determine whether you get a job (or promotion), the car you can afford, and many other factors. Most of the time you have control over your credit by making good financial choices; however, you can't control unpredictable medical expenses, and many Americans are negatively affected by this type of credit hit.

In fact, In June 2021, The Consumer Financial Protection Bureau reported $88 billion in medical collections. 

Fortunately, Equifax, Experian, and Transunion recognized this problem and are making some changes to how medical collections are reported.

This past March 2022, the big three reporting agencies announced, that consumers with paid medical collections on their credit reports will soon see some relief. Starting in July of 2022, paid medical collections will no longer be included on credit reports.

They also shared you will have a greater time period for paying, settling and negotiating these medical bills. Currently, you have six months and it’s being increased to one year.

In 2023 medical collections under $500 will no longer be reported on your credit report as well. 

If you would like to see what’s on your credit report I have the ability to do a soft pull which means your scores are not affected, but you will get to see everything on your credit report.

I am happy to help you, all you have to do is send me a message. 

Call or text (772) 444-6362.