CFPB Rule To Erase $49 Billion in Medical Debt for 15 Million Americans
Description
According to a White House press release, a new final rule by the Consumer Financial Protection Bureau (CFPB) will remove $49 billion in unpaid medical debt from credit reports, improving the financial standing of 15 million Americans.
This action is expected to raise credit scores by an average of 20 points, paving the way for increased access to mortgages, car loans, and small business financing.
Vice President Harris also announced that states and localities have used American Rescue Plan (ARP) funds to eliminate over $1 billion in medical debt for more than 700,000 Americans.
These efforts are part of a broader Biden-Harris Administration initiative to address the burden of medical debt, including reducing predatory practices and supporting health system reforms.
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