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Next year should bring a breath of fresh air to many whose credit scores have been affected by medical debt. In an unprecedented move, the big three credit bureaus — TransUnion, Experian, and Equifax — are saying goodbye to reporting medical bills under $500. This is a game-changer for those grappling with chronic illnesses, the uninsured, and the impoverished. This bill opens new doors to thousands by means of job opportunity, mortgages, and low-interest loans.

Here’s the kicker: Even after clearing those medical debts, they could still leave a stain on your credit report for up to seven years. But at least now we’re steering toward a more compassionate aim. It’s about time we recognize medical care as a fundamental right, rather than a financial burden that can affect someone’s job prospects or ability to survive.

A staggering one-in-four adults are currently swimming in over $5,000 of medical debt. Those crossing the 40-year mark are dishing out an average of $440 monthly on medical bills. It’s a stark reality of life — as earnings potentially plateau or dip with age, medical expenses do the exact opposite by skyrocketing. This shift in credit reporting acknowledges that one’s health shouldn’t tarnish their financial well-being and reputation.

So, here’s to embracing those improved credit scores next year. To everyone out there, it’s a victory well-deserved. 🏆

Stay tuned for more updates on what matters to you. Let’s keep pushing forward, because we’re stronger together! 🎉🏠💡

By: Danielle Sloan, MBA 2024