Biden Administration Proposes Ban on Medical Debt in Credit Reports

New regulations aim to remove medical debt from credit scores, potentially improving financial stability for millions of Americans.

The Consumer Financial Protection Bureau's proposed rules would eliminate medical debt from credit reports, including dental bills.
Vice President Kamala Harris emphasized the unfair economic barriers medical debt creates for many Americans.
The regulation could increase credit scores by an average of 20 points for 15 million people, enabling more access to loans and mortgages.
Critics argue the rule does not address the underlying issue of affordable healthcare access.
Public comments on the proposal are being accepted until August 12, with a final rule expected early next year.