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You can’t avoid medical emergencies, but you shouldn’t go into debt just to pay off your medical bills. If elected to the office, Harris’ plans can reduce your medical debt substantially.
The Biden Administration announced an initiative Tuesday to remove an estimated $49 billion in medical debt from the credit reports of roughly 15 million Americans.
Senate Bill 5480 doesn’t erase medical debt completely but “Declares a medical debt void and unenforceable if it is reported to a consumer credit reporting agency or credit bureau ...
“If you have a medical debt over $500 on your credit report, that’s going to be a big hit,” she said. “So for those 15 million Americans, it’s a big deal.” Read more: How to check your ...
Undue Medical Debt, formerly RIP Medical Debt, [1] is a Long Island City–based 501(c)(3) charity [2] focused on the elimination of personal medical debt. [3] Founded in 2014 by former debt collection executives Jerry Ashton and Craig Antico, [4] the charity purchases portfolios of income-qualifying medical debt from debt collectors and healthcare providers, and then relieves the debt. [5]
"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."
The nonprofit looks for bundled packages of debt from first or third party agencies which the group negotiates to purchase at discounted prices (pennies on the dollar). The two women initially raised $12,500 and used this money to purchase $1.5 million of medical debt through RIP Medical Debt, which was then forgiven. [33]
According to the CFPB, medical debt provides little indication of whether a borrower is likely to repay a loan and the change should result in rising credit scores and could lead to an additional ...