The credit bureaus also said they would increase the time consumers have to pay unpaid medical bills before they are sent to collections and included on credit reports from six months to a full year.

Those changes are expected to become effective on July 1, according to the credit bureaus.

Additionally, starting in the first half of next year, these companies will no longer include medical debt under $500 on credit reports. The initial number is $500, but sources say that this number may grow over time.

What does this mean for tenants and potential homeowners? Relief. Medical bills can often overwhelm the average hardworking middle class family, leading to crippling debt and massive hits to credit scores. While removing these charges from credit scores won’t actually remove the debt itself, millions of Americans across the nation should see their credit scores rise, leading to easier access to apartments, mortgages, and credit.

While some may argue that this may lead to an increase in bad loans, a CFPB report recently said while medical debt is the most common collection tradeline reported on credit reports, its also “less predictive than non-medical collections of future credit performance.”

“Medical debt can also lead people to avoid medical care, develop physical and mental health problems, and face adverse financial consequences like lawsuits, wage and bank account garnishment, home liens, and bankruptcy,” the CFPB report reads.

Overall, this is fantastic news for most Americans, and will provide some relief to the millions out there struggling with medical debt.