20 sources·Health

Biden Administration Finalizes Ban on Medical Debt in Credit Reports

The Biden administration's new rule removes medical debt from credit reports, boosting scores for millions, effective before President-elect Trump takes office.

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Updated: Jan 7th, 2025, 4:16 PM ET

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The Biden administration has finalized a rule banning medical debt from credit reports, impacting 15 million Americans and raising credit scores by an average of 20 points. This measure aims to alleviate the financial burden of medical debt, allowing for an estimated 22,000 additional mortgages yearly. Despite pushback from the banking and consumer data industries, the Consumer Financial Protection Bureau enforces this rule to prevent abusive lender practices. The rule will take effect 60 days after publication in the federal register but could be reversed by the incoming Trump administration.

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