On Tuesday, January 7th, the Biden Administration announced and finalized a new rule that unpaid medical bills or debts will not appear on their credit reports. This rule will protect credit scores and prevent people from getting blocked from receiving mortgages and loans based on their medical information. According to the Consumer Financial Protection Bureau (CFPB) press release, the rule will remove around $49 billion in medical bills to about 15 million Americans. This change will also raise credit scores on average by about 20 points and could lead to an additional 22,000 mortgages being approved each year. Current Vice President Kamala Harris has shown her support for this new rule. “No one should be denied economic opportunity because they got sick or experienced a medical emergency,” she said.
Credit:
https://apnews.com/article/biden-harris-medical-debt-credit-reports-d914b690602a14348d7d25508fa8f890
https://www.cnn.com/2025/01/07/business/medical-debt-credit-reports-ban-biden/index.html
