The Consumer Financial Protection Bureau (CFPB) has recently proposed a rule to remove medical bills from most credit reports and prevent debt collectors from using the credit reporting system to collect debt. This new rule aims to eliminate $49 billion of medical debts that unjustly lower credit scores for 15 million people. CFPB Director Rohit Chopra stated, “The CFPB is seeking to end the senseless practice of weaponizing the credit reporting system to coerce patients into paying medical bills that they do not owe. Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans.” For more information, you can read the full release on the CFPB’s website.
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