On March 17, the "Big 3" credit reporting agencies Equifax, Experian and TransUnion announced they will collectively remove nearly 70% of medical collection debt tradelines from credit reports.

It appeared to be a proactive move, as the CFPB announced over $88 billion in medical bills on credit reports earlier in March. 

Alongside the report, CFPB Director made this statement: "Our credit reporting system is too often used as a tool to coerce and extort patients into paying medical bills they may not even owe.”

The CFPB also said that it planned to hold credit reporting firms accountable for not taking enough action against companies that misreport medical debts.

Clearly, this change will have a ripple effect in the debt collection industry, and that's exactly what we talked about with Leslie Bender and Joann Needleman of Clark Hill Law.

At the time of recording, the announcement about how medical debt will be reported was not released, but Leslie and Joann provided a complete context to the scope of credit reporting. We covered: 

✅ What compliant credit reporting and handling disputes looks like right now
✅ Implications and predictions for credit reporting in general, once changes to medical debt credit reporting are enforced
✅ What agencies should do today to prepare for the changing landscape of credit reporting

Buckle in, because this discussion is long, but rich with information that you can use to contextualize how changes to credit reporting will impact the industry and your agency long term.

Click here to get a deeper dive on this topic: https://www.arbeitsoftware.com/medica...