Unpaid medical debt will no longer affect credit scores, according to a new rule from Biden administration regulators who want to mitigate the financial repercussions of those bills.
A new Consumer Financial Protection Bureau rule means consumers’ hospital and doctor bills can no longer weigh down their credit scores.
The CFPB estimates credit scores could jump by up to 20 points when medical debt disappears from reports. That impact can be ...
The CFPB said the new rule will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans.
A new federal rule prevents medical debt from counting against Americans seeking credit for a variety of purposes.
Americans with medical debt on their record could see their credit score rise by an average of 20 points as a result of the rule change, it added, and approximately 22,000 more mortgages will be ...
Americans won’t have to worry about unpaid medical bills damaging their credit reports and scores much longer.
Still, the CFPB found that about $50 billion of medical debt remained on the credit reports of millions of Americans afterward. Credit scores and the reports they’re based on are commonly used ...
The government watchdog says it can no longer be factored into your credit score, but you still are responsible for paying ...
Those who do seek medical help may end up with a balance they can’t pay off. That debt can hurt people’s credit scores, resulting in long-term financial burdens. Starting Jan. 1, a new state ...
Millions of Americans could see a credit score boost thanks to a new rule banning medical debt from appearing on credit reports. According to the Consumer Financial Protection Bureau, the change will ...
So if pending medical debt doesn't factor into a credit score, how far can people go when staring down a stack of doctors' bills? Can they simply not pay them? Credit-reporting trade groups are ...