New York: Medical Collections Can No Longer Be Reported To Credit Reports

NY Governor Hochul has signed four new laws, the interesting one from our perspective is that medical collections can no longer be report to a consumers credit report (Legislation S.4907A/A.6275A). There has been a lot of changes to how medical debt has been reported recently (for example debts under $500 are no longer reported nationwide and debts over $500 aren’t reported for a full year).

It’s important to remember that medical debt and other debt are not equivalent. This is mostly due to the fact that medical debt is often unplanned and unavoidable. NY also recently made it so consumers have 90 day grace period for redeeming credit card rewards.

Hat tip to CardRight

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