The Biden administration on Tuesday will propose broad rules that will block medical debt from appearing on borrowers' credit reports, according to multiple outlets. The proposed rules from the Consumer Financial Protection Bureau would make it easier for millions of Americans to apply for mortgages, credit cards and other types of loans. Vice President Kamala Harris and Consumer Financial Protection Bureau Director Rohit Chopra will announce the proposal Tuesday, ABC News reported.
research shows 15 million Americans still have medical bills on their credit reports. These Americans collectively have more than $49 billion in outstanding medical bills in collections, said 15 million Americans had $49 billion in medical bills on credit reports. That's about 6% of the U.S. adult population. So it's not a huge deal in the grand scheme of things, but potentially very significant for those affected," said Ted Rossman, a senior industry analyst with Bankrate.
FINALIZES RULE CAPPING CREDIT CARD LATE FEES AT $8 ON AVERAGE "The proposal, which includes, among other things, a directive to remove all medical debt from credit reports, would result in negative unintended consequences for medical providers and lenders throughout the country," CEO Scott Purcell said in November when ACA filed a response to
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