The Consumer Financial Protection Bureau (CFPB) finalized a rule that will remove medical debt from consumer credit reports, prohibiting debt reporting agencies and collectors from using it for credit checks or leverage. This change aims to alleviate the financial burden on millions of Americans seeking credit for home mortgages, car loans, and small business loans.
The Consumer Financial Protection Bureau announced on Tuesday that it has finalized a rule that will remove medical debt from consumer credit reports.The CFPB said debt reporting agencies will no longer be allowed to include medical debt on consumer reports that are used on credit checks. Debt collectors will also be prohibited from using the credit reporting system as leverage to pressure consumers into paying questionable debts.
As someone who has spent my entire career fighting to protect consumers and lower medical bills, I know that our historic rule will help more Americans save money, build wealth, and thrive.”Officials estimate that as of 2020, 46 million Americans had medical debt listed on their credit reports. The White House also said that the amount of medical debt a person has is a 'poor predictor' of a person's ability to repay a loan.
MEDICAL DEBT CREDIT REPORTS CONSUMER PROTECTION FINANCIAL REGULATION CREDIT SCORES
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