Account Recovery

NOVEMBER 7, 2023

Here’s a shocker … removing medical debt tradelines from consumers’ credit reports has led to fewer consumers having medical debts on their credit reports and improved the credit scores of individuals who used to have medical debts on their credit reports, according to a published report.

Consumer Credit 130

Consumer Credit Healthcare 130

Collection Industry News

MAY 23, 2022

– Come July 1, 2022, paid medical collection debt won’t be used for credit scores and unpaid medical debt won’t appear for a full year, according to the three main credit reporting agencies (NCRAs) – Equifax, Experian and TransUnion. The move follows months of industry research.

Healthcare 40

Healthcare Consumer Credit Education Collections 40

Consumer Financial Services Law

SEPTEMBER 13, 2016

A recent decision from a North Carolina Bankruptcy Court emphasizes the need for proper training for those who file proofs of claim on behalf of anyone providing consumer credit, including healthcare providers. For healthcare providers in particular, the order serves as a wake up call.

Bankruptcy 40

Bankruptcy Healthcare Debtor Financial services 40

Troutman Sanders

SEPTEMBER 13, 2023

Against this background, AG Bonta made recommendations to the agencies on how to protect consumers from harm in their use of medical payment products, including: The agencies should designate medical credit card debt as medical debt, not consumer debt, to ensure consumers receive the appropriate statutory protections.

Credit Card Debt 52

Credit Card Debt Loans Fair Debt Collection Healthcare 52

Sawin & Shea

NOVEMBER 1, 2023

Rising healthcare costs are continually leaving thousands of Americans drowning in medical debt. In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Collection Industry News

MARCH 7, 2022

More than half of the debt that appears on credit reports as being in collection stems from medical bills, the agency found. Unpaid medical bills became a bigger concern during the pandemic, and now, a federal consumer agency is considering whether those debts should be banned from consumer credit reports.

Collection Agencies 52

Collection Agencies Collections Agency Lender Medical Bills Collections 52

Collection Industry News

OCTOBER 22, 2023

On July 11, 2023, in prepared remarks to kick off the CFPB’s hearing on Medical debt, CFPB Director Chopra appeared to take credit for these changes, stating, “The CFPB’s work has led to major changes in the way medical bills are reported to the three credit reporting conglomerates: Equifax, Experian, and TransUnion.

Healthcare 40

Healthcare Collateral Collection Agencies Collections Agency 40

Collection Industry News

FEBRUARY 1, 2023

This decline, as well as insights from CFPB market monitoring, suggests that debt collectors are moving away from reporting (or furnishing) medical bills to credit reporting companies, resulting in fewer medical tradelines on consumer credit reports.

Debt collector 40

Debt collector Healthcare Fair Debt Collection Collections 40

Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files. Read the full post 3.

Credit Bureau 52

Credit Bureau Loans Lender Consumer Credit 52

Collection Industry News

JANUARY 25, 2023

UK Credit Card Borrowing Soars to Highest Monthly Level Since 2004 Credit card borrowing in the UK soared in November to its highest monthly level since 2004 amid mounting pressure on households from the cost of living crisis. Elizabeth Warren (D-Mass.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Chris Murphy (D-Conn.),

Banks 40

Banks Credit Card Debt Creditworthiness Financial Institution 40

Collection Industry News

JUNE 10, 2024

In 2022, the three largest credit bureaus — TransUnion, Equifax and Experian — started removing paid medical debts from consumers’ credit reports. FICO® and Vantage Score, the two major credit scoring companies, have also decreased the degree to which medical bills impact credit scores.

Debt Consolidation 40

Debt Consolidation Healthcare Debt settlement Loans 40

Better Credit Blog

APRIL 5, 2022

Global Credit & Collection Corp. HRRG Collections (Healthcare Revenue Recovery Group). Wilshire Consumer Credit. The post 4 Ways To Remove Collections From Your Credit Report appeared first on Better Credit Blog | Credit Help For Bad Credit. Frontline Asset Strategies. GC Services.

Collections 98

Collections Collection Agencies Collections Agency Original Creditor 98

Account Recovery

MARCH 18, 2025

A bill is under consideration in the Oklahoma legislature that would prohibit certain medical debts from being reported to credit bureaus, preventing them from impacting consumers credit scores. Driving the news: House Bill 1709, introduced by Rep.

Debt collector 130

Debt collector Consumer Credit Creditors Collections 130

Account Recovery

MARCH 11, 2025

Marcus Riccelli, a Democrat, would prohibit medical debt from being reported to consumer credit agencies, aiming to shield consumers from the financial consequences of unpaid medical expenses. Driving the news: The Washington State Senate approved S. 5480 in a bipartisan vote. The bill, sponsored by Sen.

Consumer Credit 130

Consumer Credit Loans Healthcare 130

Account Recovery

JANUARY 30, 2025

The Consumer Financial Protection Bureau is actively supporting state legislation aimed at prohibiting the reporting of medical debt to credit bureaus — a move that underscores the agencys ongoing efforts to reshape how medical debt impacts consumers’ financial health.

Creditworthiness 130

Creditworthiness Lender Debt collector Consumer Credit 130

Burt and Associates

OCTOBER 31, 2024

Introduction: Discusses the CFPB’s research initiatives aimed at understanding the debt collection market and identifying potential consumer harms. Debt Collection Policies and Practices: Highlights the CFPB’s report on trends in debt collection policies and practices deployed by large credit card issuing banks.

Collections 52

Collections Debt collector Education Fair Debt Collection 52

Collection Industry News

JANUARY 25, 2025

NEW YORK (AP) Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. Removing medical debts from consumer credit reportsis expected to increase the credit scores of millions of families by an average of 20 points, the bureau said.

Lender 40

Lender Repossession Collateral Loans 40

Collection Industry News

JUNE 28, 2021

recommended a series of actions to protect consumers’ credit scores, provide patients with more information about financial assistance and coverage options, and give them more time to dispute or resolve debts before they are sent to collections. Chris Murphy (Conn.) and Chris Van Hollen (Md.)

Garnishment 40

Garnishment Collections Healthcare Debt collector 40

Collection Industry News

JANUARY 13, 2025

Advocate Health, one of Americas largest hospital chains, says it is working hard to confront one of the biggest problems in US healthcare today promoting itselfas a leader in the effort to solve the nations medical debt crisis. The health system also added: We recognize that no large organization is perfect or without a need to improve.

Healthcare 40

Healthcare Judgment Government Garnishment 40