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New Rules for Patient Credit Reporting Begin-With More on the Horizon

The month of June saw the enactment of some new changes in the area of credit bureau reporting that were previously announced earlier this year.  All three of the most prominent credit bureaus put out a statement in March, pointing out that the goal was to ensure transparency for consumers and patients.  This came about as a result of plans that had been put in motion by several Attorneys General from multiple states.

One of the new requirements put forth is that the name of the original creditor and classification code must be reported.  Another new stipulation is that an agency or debt purchaser cannot report debt that did not come about based on an agreement to pay or a contract such as an assessment, ticket, or even some types of fines.

More changes are yet to come; on September 1, 2016 collection agencies will need to file a monthly report that includes information on accounts currently open, accounts that require correction or deletion, and that have been paid within the last 90 days.

The following year, on September 15 of 2017, several more changes will go into effect.  The most noteworthy include:

-Medical debt collection accounts should not be reported if they are less than 180 days of age

-Full date of birth must be reported for any authorized new user  on all accounts

-A delete must be reported for all accounts being paid by insurance or for those that were already paid by insurance

-Reporting must be done using new minimum reporting requirements for a patient or consumer’s personally identifiable information

The statement that was put out in the month of March encouraged all who are tasked with submitting data to credit bureaus to ensure implementation of these upcoming changes on or before the effective dates.

 

Last modified onWednesday, 06 July 2016 17:56
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