Medical Debt Forgiveness Act 2022
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FAQ
This last step went into effect on April 11, 2023, and with this change, it's estimated that roughly half of those with medical debt on their reports will have it removed from their credit history.
More than half of all U.S. hospitals have medical bill forgiveness programs, but many patients don't know about them. These medical debt relief programs, also called charity care, forgive or decrease hospital bills for people who can't afford to pay their hospital bills. That hospital bill for $15,000.
And as of April 11 of this year, the bureaus no longer include medical collections for amounts under $500 on credit reports. That action meant that about half of all people with medical debts on their credit reports will have it removed from their credit history, the consumer bureau said.
Also last year, the three largest credit reporting agencies ? Equifax, Experian and TransUnion ? announced they would remove nearly 70% of medical debt from consumer credit reports. The agencies no longer include medical debt that went to collections on consumer credit reports once it has been paid off.
July 2022: Paid medical collections were erased from credit reports and are no longer reported. The waiting period for medical collections to appear on credit files increased from six months to one year.
