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 this debt anymore.
Vice President Kamala Harris stated the new rule will be lifechanging for millions of families, asserting that no one should be denied economic opportunity due to sickness or medical emergencies.
With the removal of medical debt from credit reports, credit scores are expected to rise by an average of 20 points, which could result in 22,000 additional mortgage approvals annually.
The CFPB noted that medical debt is a poor predictor of an individual’s ability to repay loans, supporting the rule's implementation.
Collection
[
|
...
]