Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced Tuesday by the Biden administration. The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau, which means lenders will no longer be able to take that into consideration when deciding to issue a loan. [time-brightcove not-tgx=”true”] The change is estimated to raise the credit scores by an average of 20 points and could lead to 22,000 additional mortgages being approved every year, according to the bureau.

BING NEWS:
  • Kamala Harris announces ruling that will remove billions of medical debt from credit reports
    Debt forgiveness to a new twist from the outgoing Biden-Harris administration as a new final rule was announced impacting credit scores for millions of Americans. Leveling the […] ...
    01/8/2025 - 1:29 am | View Link
  • VP Harris announces rule eliminating medical debt from credit reports; highlights Black couple’s inspirational story
    Vice President Kamala Harris on Tuesday announced ... lenders from considering the medical information of potential borrowers and, more notably, ban consumer reporting agencies from including medical ...
    01/7/2025 - 11:39 pm | View Link
  • 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.
    01/6/2025 - 11:41 pm | View Link
  • Kamala Harris Announces Ban on Medical Debt From Appearing on Credit Reports
    Vice President Kamala Harris ... credit reporting agencies, said last year that they were removing medical collections debt under $500 from U.S. consumer credit reports. The new rule from the Biden ...
    01/6/2025 - 9:53 pm | View Link
  • Harris announces ruling removing billions in medical debt from credit reports
    Vice President Harris announced a final ruling by the Consumer Financial Protection Bureau to remove $49 billion in unpaid medical debt from consumer credit reports.
    01/6/2025 - 9:07 pm | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More News