Medical Debt Will Disappear From Credit Reports in March, CFPB Ruling Says [CNET News]
TransUnion (TRU)
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Source: CNET News
The government watchdog group ruled Tuesday that credit reporting agencies can't include medical debt on credit reports. The rule, which goes into effect on March 17, also bans lenders from using medical information in their decision-making process. The new rule will remove an estimated $49 billion in medical bills from roughly 15 million credit reports and could potentially raise borrowers' credit scores an average of 20 points, the CFPB said in a statement. Credit reports are records of your credit history, including your current and past payment activity, accounts, debt and balances, used to generate a three-digit credit score . A high credit score can get you better terms on credit cards, loans and other types of financing. A lower credit score could mean less favorable borrowing terms or prevent you from qualifying for a loan at all. Though the change will remove information about your medical debt from your credit report, you'll still be responsible for paying what you owe
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News
- InnovationRx: Medical Debts Will Be Erased From Credit Histories [Forbes]Forbes
- Medical debt will be removed from credit reports: What this means for Americans [FOX Business Network]FOX Business Network
- My Credit Score Went Up 130 Points in 5 Years. Here's How I Did It [CNET News]CNET News
- Nearly half of credit card users are carrying debt — it may take months, or years, to pay off [CNBC]CNBC
- New TransUnion Research Reveals Seven in 10 Marketing Leaders Struggle to Connect with Audiences Due to Complex Network of Martech Solutions and Identity ChallengesGlobeNewswire
TRU
Earnings
- 10/23/24 - Beat
TRU
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- 1/3/25 - Form 4
- 1/3/25 - Form SCHEDULE
- 1/2/25 - Form 144
- TRU's page on the SEC website