Biden Admin Proposes Banning Medical Debt From Credit Reports

Published on June 11, 2024

The Biden administration is rolling out proposed rules that would stop medical debt from being used in credit score reports, a change that could help many consumers qualify for auto loans or mortgages. The proposal was announced June 11 by the Consumer Financial Protection Bureau (CFPB). It would stop credit reporting companies from sharing medical debts with lenders and prohibit lenders from making lending decisions based on medical information. The federal regulator estimates that the new rule would allow 22,000 more people to get approved for safe mortgages each year. Since these are loans people will repay, the lenders could also benefit from improved underwriting by being able to approve more borrowers....

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