28 Jun Great news for Negative Medical Credit reports

I just received some very exciting news from one of my credit specialists, and needed to share as I know numerous buyers that are going to benefit from this: From Molly Kincaid

“All three of the credit reporting agencies have agreed, as part of a legal settlement, to remove all paid medical collections after July 1^st. the decision from the credit reporting bureaus applies to all paid medical collections. It is part of a settlement on a lawsuit, I believe from the state of New York, against the three credit reporting agencies and will be effective July 1^st and following. There has actually been legislation percolating in the legislature on how paid medical collections affect credit scores for a while now, so this is not a terribly big surprise, but, as you can imagine, the reporting agencies have been fighting against it. So their concession as part of that lawsuit is certainly significant. Lots of paid medical collection tradelines out there and a lot of credit scores will increase.

Also, buyers shouldn’t have to dispute these accounts since this is a decision on the part of the credit reporting agencies themselves. However, if your buyer continues to see those types of tradelines reporting, they most certainly can dispute them.”