Credit Bureaus Plan to Remove Some Medical Debts from Credit Reports

The three major credit reporting firms - TransUnion, Equifax, and Experian - announced plans to remove some medical debts from consumer credit reports over the next year. It will start with removing items that were in collection but have been paid. Next year, the credit bureaus promise to remove any medical debts of less than $500.

This is mostly good news for people with medical debts, although medical debts often go unreported anyway. Those who have paid medical debts may still need to take steps to contact the bureaus to prove the debts were paid when collection agencies fail to do so.

A reminder: self-monitoring of credit reports is a good practice for everyone. You should check at least one of your credit reports once a year for errors.

About the author: Dan Cooke