Congress To Boost Your Credit Score

Millions of Americans will benefit.

In a recent interview with Fox’s Maria Bartiromo, credit card expert Ted Rossman informed the American people that paid medical collections will be removed from American’s credit reports starting July 1st and as a result will lift the credit scores of millions of people.

In transcript provided by Fox, Rossman explained, “This is actually going to help a lot of people because the CFPB says that 43 million Americans have $88 billion worth of medical debt on their credit reports, and soon about 70% of that is going to come off. So paid medical collections will come off starting in July, unpaid medical collections that are less than a year old.”

Adding, “And then next year, we’re going to see these unpaid collections under $500, unpaid medical collections under $500 bucks coming off. This will lift a lot of scores. If medical debt is the only thing dragging you down. This could help you by 100 points or more. And it really reflects the fact that one insurance is confusing, so this may not actually be your fault, but also medical debt has not proven to be as predictive as other things. It’s often a one time crisis, maybe not as reflective of your credit risk as your monthly bills, like your credit card and your car loan.”