New Credit Report Changes

There are more changes on the horizon for consumers’ credit reports. Effective September 15th the three major credit reporting agencies – Experian, Transunion, and Equifax – will have a 180-day waiting period prior to including medical debts on credit reports. This will allow for more than enough time for any delayed payments and disputes with insurers to be resolved.

In addition to the six-month reporting delay, the three national credit bureaus will delete medical bills off consumer credit reports when payments are being received by the insurer. Currently, paid and unpaid medical bills are reported and cannot be removed from consumer credit reports until the seven-year period is over. Although, there are some credit scoring models that don’t penalize paid medical debts regardless of the source.

According to the CFPB (Consumer Finance Protection Bureau) 2014 study over half of all debt that appears on credit reports are medical expenditures; for 15 million consumers, medical debts were the only derogatory items on their credit reports. This is a staggering number. This new change is great news for many consumers as this will undoubtedly cause an increase on credit reports nationwide.

If you haven’t pulled any of your credit reports recently now would be the time to do so. You can access all three of your credit reports and continuously monitor them at the following: Nav, and MyFico.


Nav is the first online platform that consolidates personal and business credit monitoring and reporting. They also provide 24/7 alerts, ID theft protection and credit monitoring. Nav provides great resources for businesses as well as individuals with personalized profile options. Experian, Equifax and Transunion reports are accessible with their service. is an industry leader in providing free credit scores and score report, access to ScoreTracker and email alerts. They also provide identity theft protection along with a free 7-day trial. provide excellent educational resources for their customers such as a blog, ABC’s of Credit and Bureau Basics. These resources give you more detailed information on the factors that impact your credit score to help you manage it better. Experian, Equifax and Transunion reports are accessible with their service.


MyFico is a leading expert in providing credit reports, scores and resources to consumers online. They provide 28 of the most widely used FICO scores that 90% of top lenders use for mortgage, auto and credit card lending. MyFico provides a community of financial and credit information for its users, savings and credit cards and goal setting calculators. Experian, Equifax and Transunion reports are accessible with their service.

If you have any further questions about the September 15th changes or any of the resources that I have mentioned above please feel free to ask.

2 thoughts to “New Credit Report Changes”

  1. I was unaware of these changes to credit reports and very glad to hear that it’s actually in favor of the consumer. I would be one of those having to pay off medical debts right now. I think this is a very good move on the part of the credit card companies because we cannot help it if we need medical care and there is no way the average person can pay the astounding bills all at once!

    1. Yes, it is very surprising that any credit changes are actually in favor of the consumer! You are not alone when it comes to medical debt. There is a very large population of consumers that have derogatory credit because of medical bills because they are so expensive. That is why when reviewing your credit many lenders, even mortgage lenders, look past the medical bills. Luckily, I only had a couple on my credit but when I purchased my home my lender omitted the medical debts in their determination. You may be able to negotiate your medical bills to a much lower balance. It is worth a try. If you have any questions regarding your credit or debts please don’t hesitate to ask.

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