The Consumer Financial Protection Bureau issued new regulations barring medical debts from American credit reports, enacting a major new consumer protection. The rules prohibit credit agencies from including medical debts on consumers' credit reports and lenders from considering medical information in assessing borrowers.
The federal Consumer Financial Protection Bureau on Tuesday issued new regulations barring medical debt s from American credit reports, enacting a major new consumer protection just days before President Joe Biden is set to leave office.
"People who get sick shouldn't have their financial future upended," CFPB Director Rohit Chopra said in announcing the new rules."The CFPB's final rule will close a special carveout that has allowed debt collectors to abuse the credit reporting system to coerce people into paying medical bills they may not even owe."Consumer Financial Protection Bureau director Rohit Chopra. The CFPB has issued a new rule barring medical debt from credit reports.
and drive homelessness. People with low credit scores can also have trouble getting a loan or can be forced to borrow at higher interest rates. The CFPB has estimated that the new credit reporting rule will boost the credit scores of people with medical debt on their credit reports by an average of 20 points.
Consumer Protection Healthcare Debt Medical Debt Credit Reporting Biden Administration
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