• The Biden administration's new rule will eliminate the inclusion of medical debt on credit reports, benefiting 15 million Americans by removing $49 billion in debts from their financial records.
• This change is anticipated to provide an average credit score boost of 20 points, significantly improving access to loans for families, particularly for mortgages, car loans, and small business loans.
• The rule is seen as a humane approach, relieving individuals from financial distress linked to medical emergencies and is part of the administration's broader effort to protect consumer rights against debt collection practices.

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