The White House is set to announce rules that would stop medical debt from being used in credit reports, a move that comes in a pivotal election year for Biden.
The rules would be helpful to consumers who have medical debt but want to get auto loans, mortgages, or other credit products. The plan will beThe White House has prioritized consumer protections, and President Joe Biden will undoubtedly tout the latest move on the campaign trail as a way of making the lives of voters, shackled by inflation and high interest rates, more palatable. Medical debt disproportionally affects low-income voters.
“Our research shows that medical bills on your credit report aren’t even predictive of whether you’ll repay another type of loan. That means people’s credit scores are being unjustly and inappropriately harmed by this practice,” Chopra said. “Experian, Equifax, and TransUnion took steps to remove many medical bills in part because of the recognition that they hold little predictive value,” Chopra said in April. “Findings from our latest research reveal the impact of these changes and the need for further reforms.”
“Medical debt does not reflect spending habits or help lenders predict risk; instead, it is evidence of either health issues or a medical emergency,” the group of 10 senators wrote in a letter. “Medical debt places patients at risk of downgraded credit and falling victim to predatory practices.”
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