A little-known federal regulatory agency called the Consumer Financial Protection Bureau (CFPB) just finalized a rule that will prevent medical debt from affecting consumer credit scores. Millions of Americans live in fear of developing too many bad marks on their credit score. This mysterious number shared between financial institutions can govern whether or not an […] The post Consumer Protection Bureau Will Soon Remove Medical Bills from Your…

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Consumer Protection Bureau Will Soon Remove Medical Bills from Your Credit Reports

(The Center Square) – The Consumer Financial Protection Bureau finalized a rule that would remove medical bills from credit reports and prevent lenders from using medical information in lending decisions.

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Franklin News Foundation

CFPB finalizes rule to remove medical debt from credit reports

The outgoing administration of President Joe Biden announced a ban on including medical debts in U.S. consumer credit reports on Tuesday. The decision affects 15 million Americans and comes despite opposition from the banking industry.

Zakaz uwzględniania długów medycznych w raportach kredytowych amerykańskich konsumentów ogłosiła we wtorek ustępująca administracja prezydenta Joe Bidena. Decyzja dotyczy 15 mln Amerykanów i została przyjęta mimo sprzeciwu ze strony sektora bankowego.

Zniknie informacja o długach milionów Amerykanów

Business Insider (Poland)

Information about the debts of millions of Americans will disappear

Millions of Americans may see significant changes to credit reporting in the coming months if they have unpaid medical bills or student loans. But the reporting changes will be drastically different between the two debt groups.
Earlier this week, the Consumer Financial Protection Bureau

BizToc

Major Credit Reporting Changes For Medical Bills, Student Loans Could Impact 20 Million People

The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in making credit decisions. But the rule faces challenges on several fronts. “People who get sick shouldn’t have their financial future upended,” said CFPB Director Rohit Chopra, in issuing the rule. The bureau said that the r…

LexBlog

CFPB issues medical debt rule; regulation immediately challenged in federal court

New CFPB rule removes medical debt from credit reports, impacting 15 million Americans. The rule aims to improve credit scores and increase mortgage approvals.

Afro

Federal government issues new rule eliminating medical debt on credit reports

The Consumer Financial Protection Bureau's new rule removing medical debt from credit reports disproportionately helps Black people.

News One

How Federal Ruling To Wipe Medical Debt From Credit Reports Disproportionately Helps Black People

cooley.com

CFPB Finalizes Rule Curbing Use and Reporting of Medical Debt // Cooley // Global Law Firm

The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in making credit decisions. But the rule faces challenges on several fronts. “People who get sick shouldn’t have their financial future upended,” said CFPB Director Rohit Chopra, in issuing the rule.... Continue Reading

Consumer Finance Monitor

On October 1, 2024, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion titled Debt Collection Practices (Regulation F); Deceptive

Consumer Protection Bureau Will Soon Remove Medical Bills from Your Credit Reports

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