The federal Consumer Financial Protection Bureau (CFPB) issued a new regulation directing American credit reports to exclude medical debts in the reports.
This new rule bans credit agencies from including medical debts on consumers; credit reports and prohibits lenders from taking medical information of assessing borrowers into consideration.
This rule could be reversed after President-elect Donald Trump takes office on Jan 20. The undoing of this rule could create a negative impact on the government as this could help millions of people who are burdened by medical debt.
The CFPB has estimated that the new credit reporting rule will boost the credit scores of people with medical debts, by an average of 20 points.
This post was last modified on 9 January 2025 3:25 am
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