InnovationRx explores new regulations on medical debt and the potential influence of the raw milk industry under a future Trump administration.
This week’s edition of InnovationRx debuts a new look. In it, we take a look at new rules for medical debt, the raw milk farm at the center of California’s bird flu emergency, the cause of the mysterious disease in Congo and more. To get it in your inbox, subscribe here. New rules are coming for medical debt. The Consumer Financial Protection Bureau (CFPB) announced new rules that would govern how lenders consider medical information when making a decision on a loan application.
They would remove medical debt from appearing on people’s credit reports and prohibit lenders from considering medical debt as a factor when making a decision on a loan application. This is a big deal as some 15 million Americans have an estimated $49 billion in medical debt. Although the rules prohibit lenders from using medical information in making any lending decisions, such data can still be considered when verifying relevant requests such as a medical forbearance or to verify healthcare expenses that might be covered by a loan. The regulatory body’s move follows a 2023 decision by credit reporting companies Equifax, Experian and TransUnion to remove medical debts under $500 from credit reports. Once the rule goes into effect, people who have their medical debts removed will likely see an average improvement of 20 points on their credit score, according to the agency. Meanwhile, the head of the country’s largest raw milk producer is in talks to become the chief advisor on raw milk in the next Trump Administration. The cofounder and CEO of Raw Farm, the country’s largest producer that’s been at the center of raw milk recalls in California, said he’s in discussion about the role and hoped to help Robert F. Kennedy Jr., a raw milk proponent who’s been nominated as the next Secretary of Health and Human Services, set standards on raw milk that would ensure safe production, while allowing more distribution of it. “I’m the raw milk guy,” Mark McAfee, 63, said in a telephone interview, adding, “I’m the only guy that knows this stuff.” It’s been a moment for the raw milk industry and for Fresno, California-based Raw Farm.
MEDICAL DEBT CONSUMER FINANCE RAW MILK TRUMP ADMINISTRATION HEALTH POLICY
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CFPB Removes Medical Debt From Credit Reports, Boosting Scores by 20 PointsThe Consumer Financial Protection Bureau (CFPB) has finalized a rule eliminating an estimated $49 billion in medical debt from credit reports, potentially raising credit scores by an average of 20 points for Americans with medical debt. The rule prohibits consumer reporting agencies from including medical debt information in credit reports and restricts creditors from using certain medical data for lending decisions. This move is expected to benefit over 100 million Americans struggling with medical debt, the largest category of debt in collections.
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LA County Cancels $2 Billion in Medical DebtLos Angeles County officials have announced a major initiative to alleviate the financial burden of medical debt on residents. The LA County Medical Debt Relief Program, launched in partnership with Undue Medical Debt, aims to cancel up to $2 billion in medical debt for eligible residents.
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Bird Flu Be Damned: Raw Farm Is Doubling Down On Selling Raw Milk At ScaleRaw Farm, the country’s biggest producer of raw milk has seen its sales grow exponentially to more than $30 million, despite the health risks of forgoing pasteurization. With RFK Jr. nominated to lead HHS under Trump, it hopes to sell even more.
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Connecticut Wipes Out $30 Million in Medical Debt for 23,000 ResidentsGovernor Ned Lamont announced a partnership with Undue Medical Debt to eliminate qualifying medical debt for thousands of Connecticut residents. This first round of the initiative wiped out $30 million in debt using $100,000 in state funding. The program targets individuals with low incomes or high medical debt burdens and will continue with future rounds.
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L.A. County to Clear $500 Million in Medical Debt for 150,000 ResidentsLos Angeles County is launching a new pilot program to eliminate medical debt for low-income residents. The program will initially clear $500 million in debt by using a $5 million investment to purchase medical debt for pennies on the dollar. An estimated 150,000 residents will have their medical debt cleared, and thousands more will be notified in the coming month.
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Smell of raw cannabis allows police to search a vehicle, Illinois Supreme Court rulesHigh court ruled earlier this year that smell of burnt cannabis was not probable cause
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