Millions of Americans will now see a cleaner bill of health on their credit reports, making it easier for many to get an apartment or apply for a loan.
Effective July 1, the three major credit reporting bureaus have removed medical debts that went into collection but were subsequently paid. In the past, these types of debts would remain on reports for as long as seven years. More changes are coming too. Beginning next year, credit reports will also be stripped of all unpaid medical debts up to $500. The two changes combined should scrub 70% of the approximately $88 billion in medical debt that currently shows up on the credit reports of 43 million Americans, according to the Consumer Financial Protection Bureau.
Join credit expert Tiffany Cross for insights on these changes and what it means to your clients and their adult children. Note that Tiffany has been the highest rated on our Financial Experts webinar series.
CE/CPE Eligible: 1 CE credits are available to subscribers with these designations: CFP, CLU, ChFC and RICP. CPA subscribers will earn 1 CPE credits.
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.