Healthcare may have gotten a rare treat on October 1, 2024, in the form of bipartisan legislation introduced that would reverse federal law to allow medical payments to be included on credit reports.
HR 9890, the Reporting Medical Debt Payments as Positive Consumer Credit Information Act of 2024, was introduced by U.S. Representative Don Bacon (R-NE) with lead cosponsor U.S. Representative Marie Gluesenkamp Perez (D-WA).
If enacted, HR 9890 would amend the Fair Credit Reporting Act to require reporting of certain positive consumer credit information (such as on-time payments), among other things. In theory, this legislation would allow creditors like hospitals and health systems, and bad debt collectors to use credit reporting as an incentive to pay since it would boost credit scores. This could be especially helpful in early out as a tool to procure timely payments.
Currently, the measure has been referred for consideration to the U.S. House Financial Services Committee. Americollect will keep you apprised of changes in status to HR 9890.
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