Account Recovery

JANUARY 7, 2025

The Consumer Financial Protection Bureau this morning announced the release of its final rule prohibiting the inclusion of medical debt on consumer credit reports. This rule is expected to remove $49 billion in medical debt from credit reports, impacting approximately 15 million consumers.

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Troutman Sanders

SEPTEMBER 13, 2023

Department of Treasury (collectively, the agencies) jointly issued a Request for Information (Request) seeking public comment on medical credit cards, loans, and other financial products used to pay for health care. Enrolling patients for a third-party credit card or loan if the patient is sedated or unconscious.

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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.

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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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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

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. The New York Times ] Consumers Are Placing Their Trust in Mobile Deposits. Ed Markey (D-Mass.),

Banks 40

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Collection Industry News

JUNE 10, 2024

In a statement, the CFPB said medical bills “have little to no predictive value when it comes to repaying other loans.“ In 2022, the three largest credit bureaus — TransUnion, Equifax and Experian — started removing paid medical debts from consumers’ credit reports. How long does medical debt stay on your credit?

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