The Consumer Financial Protection Bureau (CFPB) issued new rules to remove approximately $49 billion in unpaid medical debts from Americans' credit reports. The policy targets credit-reporting companies like Equifax, Experian, and TransUnion, prohibiting them from including past-due medical bills in consumer credit histories. The CFPB estimates this will benefit about 15 million Americans who have faced challenges obtaining jobs, apartments, credit cards, or mortgages due to medical debt.
Consumer Financial Protection Bureau issues rules to remove medical debt from consumer credit reports The U.S. government on Tuesday issued new rules to remove roughly $49 billion in unpaid medical debt s from Americans’ credit reports , even as debt collectors and incoming Republican leaders have signaled they might try to overturn the policy entering the Trump administration.
The agency estimated Tuesday that its rules would help about 15 million Americans, some of whom have been unable to obtain jobs, apartments, credit cards or mortgages if unavoidable medical debts appear as glaring, derogatory marks on their credit histories, lowering their scores. The CFPB rules are likely to draw sharp opposition from credit-reporting agencies and debt collectors, which blasted the agency last year when it first proposed the idea.Equifax, for example, told the government in August that it is “not permitted” under federal law to demand such a change, arguing that the CFPB failed to present sufficient evidence that medical debts are reported erroneously.
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