Should Medical Debt Be On My Credit Report
As of this year, the credit reporting industry has decided to remove most medical debt from consumer credit reports. As of July 1, 2022, the rules are changing. So what are the requirements?
Debts Over $500
Many small medical debts wind up in the hands debt collectors. The credit reporting industry has determined that small debts do not help creditors make informed decisions about who to lend to. Those small medical debts often represent a copay that the consumer was not asked to pay at the time of service or amounts which the consumer claims are owed by their insurance company.
Medical Debts More Than 12 Months In Default.
Most disputes over medical debts are resolved within 12 months. Again, the credit industry has recognized that this information does not help creditors assess the creditworthiness of borrowers. So, the credit bureaus will no longer accept or report medical debts that are less than one year in default.
Paid Medical Debts
Ultimately, if medical debts are paid, those debts will not appear on your credit report.
Client Reviews
★★★★★
Attorney and Senior Paralegal Brandy, is Very professional and knowledgeable. She really went the extra mile, answering all of my questions in depth, and helped put my mind at ease. I highly recommend this law firm Lou
★★★★★
Received a response in less than 24 hours; the attorney who called me was very patient, kind, and helpful. She listened carefully to my situation and explained the law to me in terms I could understand, including advice on how I might proceed. Many thanks! Becky
★★★★★
Today, I stumbled across this law firm on the internet looking to have some questions answered for a pressing consumer protection situation. Brandy Moore an eartly angel and senior paralegal answered my questions. She was professional, knowledgable, polite and empathtic toward my situation. If I ever find myself in need of legal help and or know of anyone in need of legal services, I will most certainly send them to Lyngklip & Associates. I can't thank you enough Brandy. God's continued blessing over you and the firm. Michelle