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New rules bar medical debt from impacting credit scores

share-iconFriday, January 10 comment-icon1 week ago 11 views
News sources:
latimesLATIMES
New rules bar medical debt from impacting credit scores

Credited from: LATIMES

  • The Consumer Financial Protection Bureau (CFPB) has introduced regulations prohibiting medical debts from being reported on credit scores.
  • The new rules also stop lenders from using medical information when evaluating borrowers' creditworthiness.
  • CFPB Director Rohit Chopra emphasized that sick individuals should not face financial ruin due to medical expenses.
  • The regulations are part of the Biden administration's commitment to combat healthcare debt, which affects around 100 million Americans.
  • The impact of these changes could enhance credit scores by an average of 20 points for those burdened by medical debt.

For the full article, visit Los Angeles Times.

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