Medical Bills To Fall Off Credit Reports

If you have medical bills that have been driving down your credit score…we have some good news for you. As of July 1st, the three main credit bureaus, TransUnion, Equifax and Experian began removing cleared medical debts from consumers’ credit reports. That means if you have paid off a medical bill, but it has still been showing up on your credit report as a negative, is now being removed. But, it gets better. Unpaid medical debt will not appear on credit reports for a year. Having that unpaid debt off your credit report for a year will give you time to pay off that debt before it begins affecting your credit score. Records show that people with medical debt on average owe between $5,000 and $10,000. The top drivers of medical debt are often unexpected procedures…such as surgeries or emergency room visits. Experts say while it is good news that medical debt will start falling off your credit report, it does not eliminate your medical bills. If you owe medical debt, these new changes with the credit bureaus do not alleviate your responsibility to pay that debt.