A new rule from the Consumer Financial Protection Bureau (CFPB) will remove billions of dollars in medical debt from credit reports, improving access to loans for millions of Americans and enhancing privacy protections.
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 action is expected to significantly impact consumers' credit score s and ability to access loans for housing, vehicles, or small businesses. The rule will also enhance privacy protections by preventing debt collectors from using the credit reporting system to pressure individuals into paying bills they may not owe.
The CFPB estimates that the change will increase credit scores by an average of 20 points and facilitate an additional 22,000 mortgage approvals annually. The rule takes effect after the three major credit reporting agencies—Equifax, Experian, and TransUnion—already stopped including medical debt balances under $500 on credit reports in 2022.
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