Account Recovery

APRIL 23, 2025

Bob Ferguson yesterday signed a medical debt credit reporting bill into law. Senate Bill 5480 officially prohibits the reporting of medical debt to consumer credit agencies. 🧠 Whats new: The new law will take effect on July 27, and mirrors a now-paused federal rule from the Consumer Financial Protection Bureau.

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Account Recovery

OCTOBER 3, 2024

9890, called the Reporting Medical Debt Payments as Positive Consumer Credit Information Act of 2024, was introduced earlier this week by Rep. Healthcare is one of the most unaffordable insurances for individuals.” Don Bacon [R-Neb.], Marie Gluesenkamp Perez [D-Wash.]. Bacon in a statement. “I Learn more. And more.

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Account Recovery

APRIL 25, 2025

Driving the news:The Oregon Senate on Wednesday passed Senate Bill 605, which prohibits medical providers, hospitals, and debt collectors from reporting medical debt to consumer credit reporting agencies. The legislation cleared the chamber with an 18-10 vote and now moves to the Oregon House of Representatives.

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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.

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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.

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Nexa Collect

JUNE 18, 2023

Here are some points to consider regarding the impact of medical debt default on the patient’s credit scores: Reporting to Credit Bureaus : When a medical debt goes unpaid for an extended period, the healthcare provider may send the account to a collection agency. However, not all collection agencies will agree to this.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.),

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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.

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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.

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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.

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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.)

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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.

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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.

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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.

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