Vice President Kamala Harris announced a new regulation by the Consumer Financial Protection Bureau (CFPB) to remove medical debt from all consumer credit reports. “No one should be denied economic opportunity because they got sick or experienced a medical emergency,

Vice President Harris announced a final ruling by the Consumer Financial Protection Bureau to remove $49 billion in unpaid medical debt from consumer credit reports.

While highlighting the new rule, Harris spotlighted a Black couple in Atlanta who saw their credit score drop due to medical debt.

The change is estimated to raise the credit scores by an average of 20 points and could lead to 22,000 additional mortgages being approved every year, according to the bureau. Vice President Kamala Harris said in a statement announcing the rule that it would be “lifechanging” for millions of families.

US Vice President Kamala Harris announced a final ruling by the Consumer Financial Protection Bureau (CFPB) that the records of £39.08 billion ($49 billion) in unpaid medical bills will be removed from the credit reports of 15 million Americans.

Unpaid medical debt is the largest source of debt in the United States, but it will no longer appear on credit reports, allowing 15 million Americans to obtain loans easier. Medical debt will no longer appear on credit reports due to a new rule finalized by the Consumer Financial Protection Bureau.

The CFPB said the new rule will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans.

The Consumer Financial Protection Bureau rule ... according to the bureau. Vice President Kamala Harris said in a statement announcing the rule that it would be “lifechanging” for millions ...

In a major change that could affect millions of Americans' credit scores, the Consumer Financial Protection Bureau on Tuesday finalized a rule to remove medical debt from consumer credit reports. The rule would erase an estimated $49 billion in unpaid medical bills from the credit reports of roughly 15 million Americans,

According to the CFPB, the new rule is expected to provide an average credit score boost of 20 points for those impacted by outstanding medical debt. This could lead to more than 22,000 more consumers being approved for mortgages each year, the bureau said.

The rule removes an estimated $49 billion in medical bills from about 15 million Americans' credit reports and bars lenders from using medical information in their lending decisions.

Debt forgiveness to a new twist from the outgoing Biden-Harris administration as a new final rule was announced impacting credit scores for millions of Americans. Leveling the […]