Today, the three nationwide credit bureaus — Equifax, Experian, and TransUnion — announced significant changes to how medical debt sent to collections will appear on consumers’ credit reports. The joint action will remove nearly 70% of medical collection debt reporting tradelines from credit reports. The move follows months of industry research and supports consumers facing unexpected medical bills.

The credit bureaus’ action reflects the industry’s long-standing commitment to helping consumers prioritize their financial health. The industry constantly evolves to meet the needs of consumers in the face of challenges like the Covid-19 pandemic, natural disasters, and other sources of financial hardship.

The companies’ CEOs made the following joint statement:

“Medical collections debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal wellbeing,” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion. “As an industry we remain committed to helping drive fair and affordable access to credit for all consumers.”

To read the full joint announcement from the credit bureaus, click here.