In March of this year, the nationwide credit rating agencies (CRAs), better known as Experian, TransUnion and Equifax, announced a significant change to their score analysis model data. This announcement was regarding medical collections and their impact on the score.
Let’s start with the facts surrounding this change. As of July 1, 2022 the following changes will become effective:
- Paid medical collection debt will no longer be included on consumer credit reports.
- The time period before an unpaid medical collection debt will appear on a consumer’s report will be increased from six months to one year.