The federal Consumer Financial Protection Bureau has enacted new regulations to bar medical debts from credit reports, effectively protecting consumers from abusive debt collection tactics.
CFPB Director Rohit Chopra stated, 'People who get sick shouldn't have their financial future upended,' highlighting the agency's effort to combat healthcare-related financial impacts.
The regulations aim to assist an estimated 100 million Americans burdened by medical debt, preventing access to essential goods and services due to financial strain.
Medical debt has been shown to depress credit scores, which can severely limit access to housing and lead to homelessness for affected individuals.
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