Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Now, with this one change that we just discussed, the credit reporting firms are preparing, paying this medical bill,
to the collections firm would result in having that entire account removed from your credit report.
That is a significant difference because any type of collection item on a credit report is a negative mark, impacting some scores in a negative way, lowering them.
So knowing that there's still a chance, essentially, even after an item has been sent to collections and it's been added on a person's credit report to remove that.
And some levels, it's almost like a fresh start for these people because it's like, okay, there is a way if they're able to pay the bill to actually get this account removed from their credit report.
So that could potentially be significant relief.
So the credit reporting firms are saying that they're basically trying to help with regards to access to fair and affordable credit for all consumers and realizing that they need to take some steps to support people in the wake of the pandemic.
Of course, the pandemic left a lot of people with medical bills that they just don't have the bandwidth to pay back.
Simultaneously, though, what my sources have told me and what we've reported is
is that the credit reporting firms are also trying to appease the Consumer Financial Protection Bureau.
That's their main regulator.
And the CFPB has made credit reporting a priority under its current director.
So it is no secret in the public realm that the CFPB has been scrutinizing credit reporting firms for a variety of issues that broadly speaking
pertain to errors on people's credit reports and their handling of those errors.
One of those areas of focus and interest by the CFPB is the handling of medical debts.
They definitely are.
A few changes are coming for people with unpaid medical debts.
One, which is also set to kick in starting in July, is that
new unpaid medical debts will not get added to credit reports for a full year after they're sent to collections.
Currently, the threshold is six months.
Showing 361–380 of 3,396 · page 19 of 170
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