CFPB Proposes to Ban Medical Bills from Credit Reports Rule would remove as much as $49 billion of medical debts that unjustly lowers credit scores for 15 million Americans
CF PB Pro poses to Ban Medi cal Bills from Cr edit Reports Rule would remove as much as $49 billion of medical debts that un just ly lowers credit scores for 15 million Americans Washingt on, D.C. – The Consume r Financial Protect ion Bureau (CFPB) tod ay proposed a rule that wo uld remove medical bills from most credit reports, increa se privacy protections, help to increase credit sco res and loan approvals, and prevent debt collectors from using th e credit reporting system to coerce people to pay. Th e prop osal would stop credit reporting companies from sharing medical debts with lenders and prohibits le nders from making lending de cisions base d on medical information . The proposed rule is part of the CFPB’s efforts to add ress the burden of m edical debt and coercive credit reporting practices. "The CF PB is see king t o end th e sensel ess pr actice of weapon izing th e cred it rep orting s ystem to coerce patients into paying medic al bills that they...