Good News: Medical Debt Won't Hurt Your Credit Report
CNN reports that the Biden administration is finalizing a rule that will help millions of Americans battling bad credit due to medical debt.
Before Biden leaves office, medical debts will no longer be allowed for inclusion on credit reports. The outlet noted the new rule will remove $49 billion in medical bills from credit reports, according to the Consumer Financial Protection Bureau (CFPB). In the CFPB press release, Director Rohit Chopra said:
“People who get sick shouldn’t have their financial future upended.The CFPB’s final rule will close a special carveout that has allowed debt collectors to abuse the credit reporting system to coerce people into paying medical bills they may not even owe.”
Some good news! As Uncle Joe would say, "God Love Joe Biden and Kamala Harris."
Let's hope VP Trump and President Musk don't carry out their threats to shut down the Consumer Financial Protection Bureau. In a December tweet, President-elect Musk wrote:
“Delete CFPB. There are too many duplicative regulatory agencies.”
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