Payments

Equifax, Experian, TransUnion to remove medical debt collections from credit reports

April 14, 2023

Equifax, Experian and TransUnion will remove medical collection debt of under $500 from U.S. consumer credit reports, which will account for nearly 70% of medical collection debt tradelines, according to a press release.

"Our industry plays an important role in the financial lives of consumers. We understand that medical debt is generally not taken on voluntarily and we are committed to continuously evolving credit reporting to support greater and responsible access to credit and mainstream financial services," Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion, said in the release. "We believe that the removal of medical collection debt with an initial reported balance of under $500 from U.S. consumer credit reports will have a positive impact on people's personal and financial well-being."

In addition, the companies will offer free weekly credit reports through the end of 2023 via AnnualCreditReport.com.