The CFPB Report on Medical Debt Credit Reporting: A Mixed Bag for Consumers
The CFPB Report on Medical Debt Credit Reporting: A Mixed Bag for Consumers The Consumer Financial Protection Bureau (CFPB) recently released a report shedding light on the current state of medical debt in America. As of June 2023, around 15 million Americans—approximately five percent of the population—still have delinquent medical bills on their credit reports. […]
Medical Collection Credit Reporting On The Decline According to the CFPB
Medical Collection Credit Reporting On The Decline According to the CFPB The Consumer Financial Protection Bureau (CFPB) has released a new report showing a significant decline in medical collection accounts on credit reports between 2018 and 2022. The report suggests that debt collectors are moving away from reporting medical bills to credit bureaus, and that […]
CFPB Releases Report on Medical Debt and Credit Reporting
CFPB Releases Report on Medical Debt and Credit Reporting The CFPB recently published a report regarding how the national credit bureaus – Equifax, Experian, and Trans Union – handle medical collection credit reporting. The report analyzes the credit bureaus’ decision to refrain from reporting unpaid medical collections for one year and remove all paid medical […]
Debt Collectors Ordered to Pay $4 Million Settlement Due to Illegal Collection Tactics
Debt Collectors Ordered to Pay $4 Million Settlement Due to Illegal Collection Tactics On May 23, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General’s Office filed a Stipulated Judgment for $4 million against a group of debt collectors who engaged in illegal collection tactics against consumers. The Complaint alleged the collectors […]
Equifax, Experian, and Trans Union Announce Important Changes to Medical Collections Reporting
Equifax, Experian, and Trans Union Announce Important Changes to Medical Collections Reporting The major credit bureaus – Equifax, Experian, and Trans Union – announced they will no longer report paid medical debt on consumer credit reports, effective July 1, 2022. In addition, the bureaus stated they will increase the timeframe to begin reporting open medical […]