This bill would change how medical debt is reported to credit agencies by allowing positive payment information to help consumers' credit scores. Specifically, it permits medical debt companies and healthcare providers to report to credit bureaus when consumers pay off or settle medical debts, or when they successfully make payments under a payment plan arrangement. Credit reporting agencies and credit score providers would be required to include this positive medical debt payment information in consumer credit reports and use it when calculating credit scores. The legislation affects consumers with medical debt, healthcare providers, medical debt collection companies, and credit reporting agencies. The bill does not specify any funding amounts or implementation timelines, instead directing credit agencies to adopt reasonable procedures to incorporate this positive medical debt information into their credit scoring and reporting processes.
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