Biden admin finalizes rule to ban medical debt from credit reports
The Consumer Financial Protection Bureau (CFPB) on Tuesday finalized a new rule banning medical debt from being included on credit reports. Why it matters: The policy will remove medical debt from about 15 million Americans' credit reports, making it easier for them to obtain loans, per a CFPB press release.
CFPB finalizes rule to remove estimated $49 billion in medical debt from credit reports
Medical debt comprises the largest category of unpaid balances in collections. The CFPB wants to help ensure that doesn’t ruin Americans’ finances.
Biden administration enacts rules that bar medical debt from credit scores
The regulations, proposed in June, ban credit agencies from including medical debts on consumers’ credit reports and prohibit lenders from considering medical information in assessing borrowers.
Biden administration bans unpaid medical bills from appearing on credit reports
Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans
CFPB issues rules to remove medical debt from consumer credit reports
Credit-reporting companies and debt collectors have previously opposed the policy, which could face political and legal challenges under incoming President Donald Trump.
Medical debt banned from appearing on credit reports in new Biden administration rule
Unpaid medical bills will no longer appear on consumer credit reports, which can result in people being blocked mortgages and car loans. Here's what to know about the newly-announced rule.
CFPB finalizes rule barring medical debt from credit reports
The finalized rule will prevent medical bills from being included on credit reports used by lenders and will prohibit lenders from using medical information in their decision-making.
New Biden rule would remove medical debt from millions of credit reports
The Biden Administration announced an initiative Tuesday to remove an estimated $49 billion in medical debt from credit reports.
As Biden Nears Exit, US Bans Medical Debt From Credit Reports
Officials said the new regulation, adopted despite objections from the banking and consumer data industries, would remove $49 billion in medical bills from the credit reports of about 15 million Americans.
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