February 22, 2024 Blog

Compliance Alert

Credit Bureau Update

The State of New York now prohibits ALL medical debt from being reported to the 3 major credit bureaus. After the nationwide change in 2023, initiated by the three major credit bureaus (Equifax, Experian & TransUnion) now prohibits any medical debt under $500.00 from being reported on an individual’s credit report, the state of New York has banned ALL medical debt from being reported. Several other states have presented legislation which is very similar in scope. The CFPB has now requested input on the national level from various business groups on making this a national initiative. I encourage you to reach out to the CFPB & voice your concerns! FSGB has sample letters & other resources to help out! Make your voice heard!

Workman’s Compensation Update

The state of Florida has now prohibited medical facilities from forwarding workman’s compensation claims to collection agencies. There have been multiple lawsuits filed against collection agencies and their clients for just listing the amount with the agency and sending out a first notice. Please review your processes in-house to prohibit these cases from being listed with FSGB Inc. Thank you for your help on this compliance matter.

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If you would like to discuss this article or any other collection needs you may have, please contact Jeff at 866-431-7220, or jeff@fsgbcollections.com

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