Rule Finalized To Ban Medical Debt From Credit Reports
Lenders will no longer take medical debt into consideration when deciding to issue a loan.
The Biden administration finalized a rule Tuesday that bans certain debt from appearing on credit reports. Unpaid medical bills will no longer be included in the reports. Meaning they will not be able to block people from mortgages, car loans or small business loans any more. The “Consumer Financial Protection Bureau” rule will remove $49 billion in medical debt from…