CHANGES TO THE WAY MEDICAL DEBT IS REPORTED

Friends,

I have great news! After the madness that came with the year 2020 (that we're still dealing with), it's about time that we have something to look forward too.

There are changes coming within the next year to the way medical debt is reported,

AND IT MIGHT BENEFIT YOU.

Over the past 4 years I have have the privilege to work with over 1,000 individuals and families. I have met people in all sorts of situations, and it seems like each person has one thing in common. We've all been though hard times. Hard times lead to expensive bills, and unfortunately, money trees only exist in our dreams. We all wish there was an easier way to make more money. If you're here reading this bog post, then you probably know the feeling of opening your credit monitoring app and seeing your favorite collection agencies name at the top.

The most common collection is medical debt. Medical emergencies are impossible to avoid, and if you haven't been actively planning and preparing for an emergency, it's likely that you don't have any extra change to pay up front for these types of bills. Luckily, these new changes to the way medical debt is being reported may benefit you and your credit score!

Here's what's changing:

-Effective July 2022, PAID medical collections will no longer be reported by any of the credit reporting agencies

-The time before medical debt is reported is changing from 6 months to 12 months, giving consumers a longer time period to work with insurance if needed

-In mid 2023, all 3 credit reporting agencies will no longer report collections less than $500

I hope this is music to your ears and brings some peace of mind for your credit score. We have a lot to look forward to, and I can't wait to see what continues to change.

For more information or to read the official press release, click this link.