NEW YORK (AP) — Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the
The Consumer Financial Protection Bureau finalized the rule Tuesday, though President-elect Donald Trump has proposed sweeping changes and limits to the CFPB’s regulatory reach.
Medical debt will no longer appear on credit reports under a federal rule finalized by the Consumer Financial Protection Bureau. That means $49 billion in medical debt will be eliminated from credit reports, making it easier for 15 million Americans to get car, home and small business loans.
The Consumer Financial Protection Bureau is removing medical debt from credit reports. NPR's Steve Inskeep speaks with Benedic Ippolito, an economist at the American Enterprise Institute, about the move.
The Biden administration finalized a new rule that will prevent Americans from the harm caused by medical debt, including being coerced by debt collectors to pay bills they do not owe.
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Medical Debt Will Disappear From Credit Reports in March, CFPB Ruling Says | Since Then