By the end of the week, cleared medical debt will be removed from consumer credit reports. This could be a huge relief for Americans battling medical debt, and LendingTree found that up to 45% of Americans are set to benefit.
LendingTree surveyed over 1,100 Americans to better understand how they’re handling medical debt and to uncover how the removal of medical debt from credit reports could impact Americans’ finances. They asked everything from if they have a medical debt to if they’ve ever tried to negotiate a medical bill. A quick look at what they found:
Up to 45% of Americans could benefit from medical debt being removed from credit reports. 23% of Americans have medical-related debt and 22% had it in the past and it’s still showing up on their credit report.
Additionally, among those who have negotiated their medical bill, nearly all (93%) had their bill reduced or dropped altogether.
The top drivers of medical debt are often unpredictable, unavoidable procedures. These include emergency room visits (39%), doctor or specialist visits (28%), surgery (26%), childbirth (22%), and dental care (20%).