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July 5, 2022

Is medical debt vanishing from credit reports?


The three credit bureaus have promised to remove nearly 70% of medical debts from consumer credit reports within the next year. In addition, the Biden administration is reducing or eliminating medical debt as a factor in government lending decisions, which should make many home and business loans easier to get. Still, people with big unpaid medical debts will continue to suffer. You can take steps to ensure medical debt doesn't cripple your finances. Get health insurance, if you don't already have it, and don't pay medical bills with a credit card if you can't pay the credit card off in full.

Health care bills are about to become far less threatening to the financial well-being of millions of Americans.

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