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About half of all unpaid collections on consumers’ credit reports are medical debts.  The Consumer Financial Protection Bureau (CFPB) released a research report earlier this year that found consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report.

FICO recently announced that would no longer weigh medical debts as part of the company's widely-used credit scores. The newer FICO scores will also ignore any collections that have already been paid. These changes may not dramatically change your credit score, but it could help secure a better interest rate for a loan.

FICO scores are just one type of credit score based on a consumer's credit history. In addition to paying bills on time, the CFPB has listed several ways to improve your credit history and also has a link to complain about inaccurate credit reports.

Keep track of your credit report by requesting a free credit report. Congressman Scott helped pass the Fair and Accurate Credit Transactions Act of 2003 ​(P.L. 108-159) which allowed Americans to request a free credit report from each of the credit reporting bureaus each year. Georgia residents are able to request two free credit reports since state law had previously allowed for two reports a year.  
 
Have a complaint about your credit report? You can contact the CFPB for assistance at: https://help.consumerfinance.gov/app/creditreporting/ask  

What are your experiences with checking your credit history? Was the information accurate?

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