Medical bills have become a source of major financial trouble for millions of Americans, amounting to the largest source of personal debt in the U.S.
. Now, the top three credit reporting agencies plan to drop most medical debt from consumers' credit reports starting this summer. that they are making a number of changes to the way they handle medical debt on credit reports, which is a record of a consumer's borrowing and repayment. Lenders use credit reports to determine whether a consumer is a good bet for a loan, which means a poor credit score can make it hard to get a mortgage, car loan or other products.
the nation's medical billing system for failing consumers. Errors related to medical debt are common on credit reports, and consumers often have difficulty clearing up the problems, the agency said. The three top credit reporting agencies said they are making several changes in how they handle medical debt.
The CFPB, which was created in the wake of the 2008 financial crisis, supervises the credit agencies. Its March 1 report on medical debt warned that it planned to"hold credit reporting agencies accountable" for inaccurate medical debt on consumer reports. The agency also said it planned to determine whether unpaid medical billing data should be included in credit reports.
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