Equifax, Experian and TransUnion will eliminate debt from the accounts of consumers who faced unexpected medical bills they were unable to pay.
Highlights
- Equifax, Experian and TransUnion are removing nearly 70% of medical debt from credit reports.
- Americans racked up $88 billion in medical debt on consumer credit records as of June 2021, CFPB says.
- Black, Hispanic, young and low-income consumers are most likely to be impacted by medical debt, bureau says.
- The three firms said they made the move after months of research, CNN reports.
- Medical debt concerns have heightened since the Covid-19 pandemic hospitalized millions of people, agency director says.
- More changes are expected in the coming months, including taking one year before unpaid medical debt appears on a consumer’s credit report.