Daniel RosenCredit Repair Business Mentor | Insights from 250+ Podcasts

Medical Debt (New Rules)

24 Dec 2024 · 1 min

Watch on YouTube

0:51

A short YouTube explainer by Daniel Rosen summarizing three recent consumer-facing changes to medical debt reporting: (1) paid medical collection debts were removed from credit reports effective July 1, 2020; (2) the window before unpaid medical debts may be reported was extended from six months to one year; and (3) medical collection debts under $500 were excluded from credit reports beginning April 11, 2023.

Questions this video answers

July 1, 2020.

One full year (extended from six months).

Medical collection debts under $500 are not reported, effective April 11, 2023.

Chapters

There have been some really positive changes and steps made towards making sure that people aren't crushed by medical bills. Here are the top three changes that you need to know about. 1. Paid medical debts are gone as of July 1, 2020 2. Paid medical collection debts are no longer included on credit reports. 2. More time to pay before reporting. The time before unpaid medical debts can appear on your credit report has been ext. You now have one full year instead of six months to pay off medical bills before they get reported. And number three small debts are excluded. Starting as of April 11, 2023, medical collection debts under $500 are no longer reported at all.