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The Biden administration has finalized a rule barring unpaid medical bills from …
The Biden administration has implemented a new rule that prohibits unpaid medical bills from being reported on credit histories, which could significantly benefit millions of Americans by potentially raising their credit scores. The Consumer Financial Protection Bureau (CFPB) estimates that this change will eliminate $49 billion in medical debt from credit records, affecting over 15 million individuals. On average, it is projected that credit scores may increase by about 20 points, leading to around 22,000 additional mortgage approvals each year. Vice President Kamala Harris emphasized the transformative nature of this policy, asserting that economic opportunities should not be denied due to health-related issues. Harris also highlighted that over $1 billion in medical debt has been alleviated for more than 700,000 Americans using federal pandemic relief funds. The CFPB contends that medical debt does not reliably reflect an individual’s repayment capabilities. Major credit reporting agencies, such as Experian, Equifax, and TransUnion, had already ceased reporting medical debts under $500, and this new rule extends those changes to larger unpaid medical bills, further decoupling healthcare expenses from financial accessibility.
Anonymous
January 8, 2025 at 2:30 pm
If it won’t go on your credit report, what is the incentive to pay?
asad (official)
January 8, 2025 at 2:30 pm
to think this is only the beginning 😍
ILLWITT’D
January 8, 2025 at 2:30 pm
Hell ya button ->
Matt Jordan
January 8, 2025 at 2:30 pm
Rare Biden final days W
Elijah ✞
January 8, 2025 at 2:30 pm
GOOD
Anonymous
January 8, 2025 at 2:30 pm
Universal healthcare now
Watson & Petri
January 8, 2025 at 2:30 pm
This is already true ? I guess they can just like take credit for it for funsies
Garrett Moorman
January 8, 2025 at 2:30 pm
Can’t wait for a judge in Texas to block this
Nick Weaver
January 8, 2025 at 2:30 pm
There is a horse that may have a specific reaction to this…
Sam Blakeley
January 8, 2025 at 2:30 pm
Doctors breaking your arm after your card declines at the hospital in America
Anonymous
January 8, 2025 at 2:30 pm
Not a big fan of Biden but this is awesome.
Morgan
January 8, 2025 at 2:30 pm
Extremely rare Biden W??
Matthew Dawson
January 8, 2025 at 2:30 pm
It’s giving, we procrastinated and now we have to act like we have been working on this project the whole time.
Connor Holley
January 8, 2025 at 2:30 pm
He has his moments👏
Ismail
January 8, 2025 at 2:30 pm
Lame duck brandon strikes again with another good policy decision