CFPB finds military servicemembers harmed by credit reports & debt collectors

Consumer Watchdog

CFPB finds military servicemembers harmed by credit reports & debt collectors

From the CFPB's Office of Servicemember Affairs' recent annual report: Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. Servicemembers also reported failures by credit reporting companies in helping to resolve inaccuracies and other credit reporting issues.

STATEMENT: U.S. PIRG applauds industry move to erase medical debt from credit reports

Health care

STATEMENT: U.S. PIRG applauds industry move to erase medical debt from credit reports

 U.S. PIRG applauds the joint announcement from the three major credit bureaus that they are changing how they will treat the credit reporting of medical debt. Paid medical debt will be erased from consumer reports and any new medical debt won’t be included in credit reports until a year (rather than the current six months) after the debt is given over to collection agencies. Beginning in 2023, owed medical debt of less than $500 will not be included in credit reports.

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