Biden Administration Takes Steps to Remove Medical Debt from Credit Reports, Improving Ratings for Millions

Vice President Harris said the Biden administration is taking steps to remove medical bills from credit scores, which could improve ratings for millions.
The Consumer Financial Protection Bureau will begin the process to prohibit including medical debt in credit scores.
Harris said access to healthcare should be a right, not a privilege. These measures will improve credit scores so people can better invest in their futures.
The CFPB said credit reporting agencies Equifax, TransUnion and Experian stopped reporting some medical bills on credit reports last March.
The proposal would also prevent creditors from using medical bills when deciding loans and stop debt collectors from using credit ratings to pressure people with healthcare debt.

usatoday.com

Relevant topic timeline:

9/21/2023

Biden Proposes Removing Medical Debt from Credit Reports to Aid Americans

The Biden administration plans to remove medical bills from credit reports through a proposed rule change by the Consumer Financial Protection Bureau (CFPB), aiming to prevent creditors from using medical collections information and debt collectors from pressuring consumers to pay questionable debts.

9/21/2023

Biden administration to prohibit medical debt from harming credit scores of millions

The Biden administration plans to develop federal rules that would prevent unpaid medical bills from impacting Americans' credit scores, providing relief to the estimated 100 million people burdened by medical debt.

10/7/2023

Biden Cancels $9 Billion More in Student Debt Through Targeted Relief Programs

The Biden administration has announced an additional $9 billion in student debt relief, providing fixes to income-driven repayment plans, public service loan forgiveness, and debt cancellation for borrowers with disabilities. This relief will benefit approximately 125,000 borrowers and is part of the administration's efforts to address obstacles and breakdowns in federal programs.

10/18/2023

Biden Administration Announces New Programs to Assist First-Time and Low-Wealth Homebuyers

The Biden Administration has introduced new initiatives, including the Neighborhood Homes Tax Credit and down payment assistance, to help low-to-middle-income families achieve homeownership and build generational wealth.

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Posted 9/21/2023, 10:47:58 PM

Biden Administration Takes Steps to Remove Medical Debt from Credit Reports, Improving Ratings for Millions

Vice President Harris said the Biden administration is taking steps to remove medical bills from credit scores, which could improve ratings for millions.
The Consumer Financial Protection Bureau will begin the process to prohibit including medical debt in credit scores.
Harris said access to healthcare should be a right, not a privilege. These measures will improve credit scores so people can better invest in their futures.
The CFPB said credit reporting agencies Equifax, TransUnion and Experian stopped reporting some medical bills on credit reports last March.
The proposal would also prevent creditors from using medical bills when deciding loans and stop debt collectors from using credit ratings to pressure people with healthcare debt.

usatoday.com

Relevant topic timeline:

9/21/2023

Biden Proposes Removing Medical Debt from Credit Reports to Aid Americans

9/21/2023

Biden administration to prohibit medical debt from harming credit scores of millions

10/7/2023

Biden Cancels $9 Billion More in Student Debt Through Targeted Relief Programs

10/18/2023

Biden Administration Announces New Programs to Assist First-Time and Low-Wealth Homebuyers