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Medical bills from various sources—credit cards, lenders, family, friends, or collection agencies—can quickly become overwhelming. But there's a potential solution: medical debt consolidation.
Those with medical debt on their credit reports could receive a 20-point boost, on average, in their credit score, the bureau said. Also, the rule is expected to lead to the approval of about ...
The three national credit reporting agencies — Experian, Equifax and TransUnion — said last year that they were removing medical collections under $500 from U.S. consumer credit reports.
The CFPB has estimated that the new credit reporting rule will boost the credit scores of people with medical debt on their credit reports by an average of 20 points.
In April 2023, the three main credit bureaus — Equifax , Experian , and TransUnion — removed medical debt collections under $500 from consumer credit reports. (Most medical debts are under $500 .)
Medical debt is the most common collection type found on credit reports, showing up disproportionately more when compared to other forms of debt. More than 1 in 3 U.S. adults struggles with ...
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