15 Million Americans Still Have Medical Debt On Credit Reports, Even With Agencies' New Changes [Forbes]
TransUnion (TRU)
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Source: Forbes
Many Americans have medical debt on their credit reports—even after a series of recent moves by the three major credit bureaus to remove many medical bills from those reports. A new study from the Consumer Financial Protection Bureau, or CFPB, shows that despite reporting changes made by Equifax, Experian and TransUnion since 2022, medical bills totaling $49 billion still appear on 15 million people's credit reports. The report also reveals that the percentage of consumers with medical debt on their credit records tumbled from 14% in March 2022 to 5% in June 2023. “Experian, Equifax, and TransUnion took steps to remove many medical bills in part because of the recognition that they hold little predictive value,” CFPB director Rohit Chopra said in a statement. “Findings from our latest research reveal the impact of these changes and the need for further reforms.” After a CFPB study in early 2022 uncovered a total of $88 billion in medical bills on credit reports, the three maj
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