Here's a little bit of good news regarding your credit and any medical debt you may have (as do 1 in 5 American households). As of April 11, 2023, any medical debt - such as from a doctor's visit or a hospital stay - that has been paid or has a balance of less than $500 should no longer appear on your credit report. This change, part of the No Surprises Act passed by Congress, was announced recently by the Consumer Financial Protection Bureau. You can read the full article here. CFPB says that in 2021, 43 million Americans had unpaid medical bills on their credit reports. The $500 threshold might seem low to some. About 6% (16 million) of adults in the U.S. owe more than $1,000 in medical bills, and 1% (3 million) owe more than $10,000. Read more about these statistics here. But for many, having some medical debts wiped from their credit history will help to boost their scores, which affect access to credit, housing, insurance, sometimes even jobs. Now is a good time to check your credit reports from each of the three credit reporting companies - Equifax, Experian, and TransUnion. You can check your credit reports for free EVERY WEEK! Make sure to use the website AnnualCreditReport.com. The CFPB article explains more about what to look for and how to correct any errors you find.
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