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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.
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