A new rule from the Consumer Financial Protection Bureau (CFPB) will remove billions of dollars in medical debt from the credit reports of millions of Americans, potentially improving their access to loans and financial opportunities.
The Consumer Financial Protection Bureau ( CFPB ) announced a new rule that will remove approximately $49 billion in medical debt from the credit reports of 15 million Americans. This change is expected to have a significant impact on consumers' financial health, making it easier for them to obtain loans for houses, cars, or small businesses.
The CFPB stated that the rule will also enhance privacy protections and prevent debt collectors from using the credit reporting system to pressure individuals into paying bills they may not owe. According to the agency, medical debt is not a reliable indicator of an individual's ability to repay a loan. The new rule will prohibit lenders from considering medical information when evaluating loan applications. This follows a previous move by the three major credit reporting agencies — Equifax, Experian, and TransUnion — to stop including medical debt balances under $500 on credit reports in 2022
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