Efforts are afoot to reduce the impact of unpaid medical debt on consumers, yet more could be done, advocates say.
This can lower your credit score, which makes it harder to secure loans or other credit, or get favorable interest rates if you are approved.if it appears on your credit report. Additionally, employers or landlords may use either your credit score or report to make decisions.has shown that medical debt is less predictive of a person's ability to keep up with payments than other types of collection accounts.
Meanwhile, the three large credit bureaus — Equifax, Experian and TransUnion — said in mid-March that starting July 1, they will stop including medical debt that went to collections on credit reports after it's paid off. Under current practice, it can remain on your record for seven years. While the credit agencies say those moves will eliminate roughly 70% of medical debt from credit reports, the remaining share is concerning, Wu said.
About 11 million Americans have medical debt above $2,000, and 3 million owe more than $10,000, according to the White House.
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