your medical debt just got wiped out! let's talk about why let's hop right in
what's up people it's me jazzy mac and i am so happy to be in front of you to
share this news with you omg the wall street journal has just reported that the big three
credit bureaus experian equifax and transunion have all agreed to enforce a new law where they
will wipe out paid medical debt from your credit report this is freaking freaking freaking huge
now listen before i get into the juicy details i need you to do me a favor okay because i'm giving
you such good information i need you to give me something i need you to give me a like and i need
you to give me a subscribe because listen your credit bestie jasmine is here to always give you
the t on what's going on and how you can improve your credit score so i'm just so excited listen
they have agreed that effective july 2022 medical debt that is reporting on your credit report is
going to be white this is for paid medical debt i want to be clear this is for paid
zero balance medical debt now the reason why this has been reported
and the reason why i'm sharing it with you is because i want to talk through the power of
the cfpb which is the consumer finance protection bureau and many of you that have used my templates
that have reported back you know getting your credit score boosted with those templates in that
road map that comes in your credit kit there is a reference there is a link to the cfpb where you
can file a complaint against the collection agency for reporting erroneous or inaccurate information
specifically the information that relates to collections and charge offs and even late payments
and so this just shows you the power of your complaints when you follow those templates and
you know a company uh credit bureau comes back to you with that whole verified mess
and it's like oh no verify well i'm about to tell my big brother the cfpb
listen that is when that comes in handy so if your medical uh debt that is reporting as a collection
if it is a zero balance it will be wiped starting in july of 2022 now for any new debts that you get
the debts will not be reported to your credit if the balance of the debt is under 500
so if you have a medical bill that came out to 428 they actually would not report that
um and basically the reason why they chose to not report um that information and the reason
why they're saying that they're wiping you know medical debt paid medical debt
is simply because so many consumers were being affected when it came to buying a home when it
came to getting a loan for a business even when it came to jobs uh because employers check your
credit right people were being denied for so much and it was it was largely due to medical debt and
as you all know we're still in the pandemic we've been in this pandemic for over two years now
and it's super important to understand that many people have lost lives many people have been in
hospitals for months and so the cfpb didn't feel like you know people that have gone through these
traumatic things you know medical emergencies it wasn't fair to keep punishing those people you
know it's one thing to lose your job but if you're in the hospital for months and months and months
um and you finally get better and now you're being slapped with you know um just a collection that
has now lowered your score and now you can't get approved for a home you know it is just a very
negative sort of chain reaction it's a it's a very negative domino effect and so the cfpb said we're
not going to keep punishing consumers we want to make credit something that is accessible to
everyone we want to make home ownership something that is accessible to everyone and this is why i
love the cfpb because the cfpb really fights for the people and that's why i love the cfpb it's
why i've worked with you know people from the cfpb to just like analyze different laws and to analyze
different things and so this is this is a huge win for the consumer finally the consumer wins
you know and the collection companies now don't get me wrong although the debt is going to be
wiped the paid that we still the paid collection debts are going to be wiped in july but we still
want to make sure that we're paying debts um you know as as they come you know as you're going
through medical treatments if you're accumulating some type of balances from those treatments
you want to continue to handle those but i am going to talk about in part two of this video
i'm going to talk about how you can get relief from those debts uh the current debts that you
may be racking up you know that are beyond the 500 threshold so just know the biggest takeaway
from this is that paid medical collections that are on your credit will be wiped beginning july
2022 and any new debts that you get under 500 will not be reported to your credit
now i don't know yet if this is going to be for specific credit scoring models um we'll have to
wait and see what the bureau say about that but right now this is a win and i'm taking it
so i'll see you in the next video as i talk through what you can do once you get a medical
bill in the mail that is over 500 alright guys so i will see you in the next video bye