The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, meaning lenders won't consider it for loans.
Vice President Kamala Harris stated that the rule will be 'lifechanging' for millions of families, stressing that economic opportunity shouldn't be denied due to medical emergencies.
The administration's new rule is aimed at removing unpaid medical bills from credit reports, which act as barriers to mortgages, car loans, and small business loans.
The CFPB noted that medical debt is a poor predictor of an individual's ability to repay a loan, thereby justifying the removal of such debts from credit histories.
#medical-debt #credit-reports #biden-administration #economic-opportunity #consumer-financial-protection-bureau
Collection
[
|
...
]