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CFPB Finalizes Rule to Remove Medical Bills from Credit Reports
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CFPB Finalizes Rule to Remove Medical Bills from Credit Reports
Today, the Consumer Financial Protection Bureau announced a final rule that will remove approximately forty-nine billion dollars in medical bills from the credit reports of about fifteen million Americans. The C F P B's action will ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending decisions.
Director Rohit Chopra expressed that people who get sick shouldn't have their financial future upended. The rule will close a special carveout that previously allowed debt collectors to use the credit reporting system to coerce people into paying medical bills they may not even owe.
The C F P B's research has shown that a medical bill on someone's credit report poorly predicts whether they will repay a loan. With this new rule, approximately twenty-two thousand additional, affordable mortgages could be approved yearly. Americans with medical debt on their credit reports could see their credit scores rise by an average of twenty points.
This follows changes made by Equifax, Experian, and TransUnion, who previously announced they would remove certain medical debts from credit reports. The rule becomes effective sixty days after publication in the Federal Register.
This concludes the announcement.
If your Credit union could use assistance with your exam, reach out to Mark Treichel on LinkedIn, or at mark Treichel dot com. This is Samantha Shares and we Thank you for listening.
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