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Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. for mortgages, car loans or business loans, according ...
How many people will this affect? The CFPB estimates the rule will remove $49 million in medical debt from the credit reports of 15 million Americans. According to the agency, one in five Americans have at least one medical debt collection account on their credit reports, and over half of collection entries on credit reports are for medical debts.
Experian, Equifax and TransUnion, the three national credit reporting agencies, said last year that they were removing medical collections debt under $500 from U.S. consumer credit reports. The new rule from the Biden administration is set to take on the outstanding bills appearing on credit reports. 01/07/2025 05:03 -0500
Removing medical debts from consumer credit reports is expected to increase the credit scores of millions of families by an average of 20 points. NEW YORK (AP) — Lenders will no longer be able ...
The rule does not get rid of the debt itself, but stops it from having an impact on a consumer’s credit worthiness. Medical debt is the most common collection type found on credit reports ...
FICO and VantageScore have also announced that they decreased the extent to which medical bills affect people’s credit scores. Under the proposed rule, companies would also be banned from taking ...
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