Biden Proposes Removing Medical Debt from Credit Reports to Aid Americans

The Biden administration announced a proposal to remove medical debts from credit reports via a new CFPB rule.
The proposed rule would prohibit reporting agencies from including medical debts on reports used for credit decisions.
Creditors could still access medical debt info for other purposes like medical forbearances.
The goal is to help the estimated 100+ million Americans with medical debt focus on health rather than debt collection.
After a public comment period, the CFPB will review input before finalizing the rule on removing medical debts from credit reports.

foxbusiness.com

Relevant topic timeline:

9/21/2023

Biden Administration Announces Plan to Protect Credit Scores from Medical Debt

The Biden administration plans to develop federal rules that would prevent unpaid medical bills from impacting patients' credit scores, potentially benefiting millions of people burdened by medical debt and improving their financial opportunities.

10/10/2023

CFPB Sues Freedom Mortgage for Providing False Data and Violating Prior Order

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Freedom Mortgage Corporation for providing false data on its mortgage operations in violation of a law enforcement order, highlighting the agency's commitment to ending misconduct in the financial industry.

10/19/2023

Business Groups Oppose CFPB Plan to Cut Credit Card Late Fee Limit

A coalition of groups is urging the Biden administration to withdraw a new rule proposed by the Consumer Financial Protection Bureau (CFPB) that would lower the cap on credit card late fees, arguing that it will harm consumers and economic growth. The groups claim that the rule will lead to higher costs for responsible consumers and reduce credit access for low-income workers.

10/19/2023

CFPB Proposes Open Banking Rule to Empower Consumers, Increase Competition

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to accelerate open banking, granting consumers control over their financial data and protection against misuse, allowing them to switch to better financial products and services.

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Posted 9/21/2023, 11:20:03 PM

Biden Proposes Removing Medical Debt from Credit Reports to Aid Americans

The Biden administration announced a proposal to remove medical debts from credit reports via a new CFPB rule.
The proposed rule would prohibit reporting agencies from including medical debts on reports used for credit decisions.
Creditors could still access medical debt info for other purposes like medical forbearances.
The goal is to help the estimated 100+ million Americans with medical debt focus on health rather than debt collection.
After a public comment period, the CFPB will review input before finalizing the rule on removing medical debts from credit reports.

foxbusiness.com

Relevant topic timeline:

9/21/2023

Biden Administration Announces Plan to Protect Credit Scores from Medical Debt

10/10/2023

CFPB Sues Freedom Mortgage for Providing False Data and Violating Prior Order

10/19/2023

Business Groups Oppose CFPB Plan to Cut Credit Card Late Fee Limit

10/19/2023

CFPB Proposes Open Banking Rule to Empower Consumers, Increase Competition