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New CFPB Rule Keeps Medical Debt Off Credit Reports: What You Need to Know


Published on 2025-01-09 11:40:50 - Forbes
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  • Americans will no longer have to decide what's more important: Their health or their credit score. Finalized on January 7, a new rule from the Consumer Financial Protection Bureau (CFPB) prohibits cre

The Consumer Financial Protection Bureau (CFPB) has introduced a new rule that prohibits medical debt from being reported on consumer credit reports, aiming to improve financial stability for millions of Americans. This rule, effective from July 1, 2022, prevents medical debt from influencing credit scores, which can help individuals secure loans, housing, and employment without the burden of medical debt affecting their creditworthiness. Previously, medical debt could significantly lower credit scores, making it harder for people to access credit or leading to higher interest rates. The CFPB's action also includes measures to prevent creditors from using medical debt information in underwriting decisions, except in specific circumstances like assessing the validity of a debt or when considering income, benefits, or assets. This initiative is part of a broader effort to address the inequities caused by medical debt, which often stems from unexpected health issues rather than financial irresponsibility.

Read the Full Forbes Article at:
[ https://www.forbes.com/advisor/personal-finance/new-cfpb-rule-keeps-medical-debt-off-credit-reports-what-you-need-to-know/ ]
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