A new rule by the Consumer Financial Protection Bureau (CFPB) will prevent lenders from using unpaid medical bills to assess creditworthiness for loans. This change is expected to boost the credit scores of millions of Americans by an average of 20 points. Previously, medical collections under $500 were removed from credit reports, but this rule extends the ban to all outstanding medical bills.
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The problem disproportionately affects people of color, the CFPB has found: 28% of Black people and 22% of Latino people in the U.S. carry medical debt versus 17% of white people. While the national credit reporting agencies voluntarily agreed to disregard medical debt below $500, many consumers have amounts much higher than this threshold on their reports.
Patricia Kelmar, health care campaigns director for the U.S. Public Interest Resource Group, said the rule would help “many financially responsible families who have accumulated medical debt from unpredictable health issues, high out-of-pocket costs, insurance claim denials and billing errors.”First, determine whether you qualify for charity care. Federal law requires nonprofit hospitals to lower or write off bills for individuals depending on household income.
Credit Score Medical Bills Consumer Protection Lending CFPB
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