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Biden Administration Proposes Rule to Exclude Medical Debt from Credit Scores: What You Need to Know

(photo: Medical Marketing and Media)

The Biden Administration has put forth a proposal to remove medical debt from the calculation of credit scores.

Biden Administration Proposes New Rule to Exclude Medical Debt from Credit Scores, Aiding Millions

The Biden Administration plans to exclude medical debt from credit scores, helping Americans with medical bills access loans and reducing financial burdens from healthcare debts.

Chopra emphasized the unfair impact of medical debts on credit scores hindering access to affordable loans. KFF found such debts affect two in five Americans, often leading to significant financial strain.

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(photo: PBS)

Exclude Medical Debt from Credit Scores to Help More Secure Mortgages

The CFPB plans to exclude medical debts from credit reports, potentially helping 22,000 more people qualify for mortgages annually. This could prevent medical bills from impacting credit scores but debts still need to be paid, allowing hospitals to use other collection methods, according to the report of UP Politics.

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