Credit reporting agencies Equifax, Experian, TransUnion will wipe out most medical debt in 2023
Equifax, Experian and TransUnion will eliminate billions of dollars from the accounts of consumers who faced unexpected medical bills that they were unable to pay. The three firms said they made the move after months of research.
“Medical collections debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal well-being,” the companies said in a joint statement.
The three companies also said that starting in the first half of 2023, medical collection debt less than $500 will no longer be included on credit reports.