Biden Administration Announces Plan to Protect Credit Scores from Medical Debt

The Biden administration announced plans to develop rules preventing medical debt from impacting credit scores. This could help millions with medical debt.
The Consumer Financial Protection Bureau will develop the new regulations next year, though the process can be lengthy.
The rules would bar unpaid medical bills from being included in credit reports or factored into credit scores. This has been pushed for by patient advocates.
Credit reporting is the most common tactic used by hospitals to collect medical debt. Negative marks can devastate people's access to housing, loans, etc.
Colorado recently enacted a law prohibiting medical debt from being included in credit reports or scores. The federal rules would expand protections nationwide.

The Biden administration announced plans to develop rules preventing medical debt from impacting credit scores. This could help millions with medical debt.
The Consumer Financial Protection Bureau will develop the new regulations next year, though the process can be lengthy.
The rules would bar unpaid medical bills from being included in credit reports or factored into credit scores. This has been pushed for by patient advocates.
Credit reporting is the most common tactic used by hospitals to collect medical debt. Negative marks can devastate people's access to housing, loans, etc.
Colorado recently enacted a law prohibiting medical debt from being included in credit reports or scores. The federal rules would expand protections nationwide.