Lenders will no longer be able to see whether American borrowers have unpaid medical debt in their credit history, according to a new rule from the outgoing Biden administration.
The vice-president, Kamala Harris, announced early on Tuesday that the Consumer Financial Protection Bureau (CFPB) was removing $49bn of existing unpaid medical bills from the credit reports of 15 million Americans and will ban the inclusion of medical debt on credit reports.
“No one should be denied economic opportunity because they got sick or experienced a medical emergency,” Harris said in a statement. “This will be life changing for millions of families, making it easier for them to be approved for a car loan, a home loan or a small-business loan.”
That is literally a drop in an empty bucket
How about you just forcefeed changes to how the medical system works?
Meh, too little, too late
This is a good change, but it feels like they are fighting a smoldering fire that is about to engulf our country with a water pistol.
I agree, I have no idea how long any of this will last. Maybe Biden is hoping to flood him with stuff and some might fall through the cracks?
It takes time and effort to change law, so some of the changes will last longer.
Welk, maybe Trump could change this, no ? Way too complicated… Maybe the president should just decide.
Unfortunately this one is just an executive order, so it can be reverted just as easily as this rule was established.
“Oh hey! your insurance covers up to 40 visits for physical therapy for your 4yo let’s get him in as much as we can before the end of the year and then spread the schedule out for 2025.”
Me right before Christmas getting a $2000 bill for October visits and realizing that “covers” does not mean “pays for”.
There will be another $2000 bill for November after the deductible caps out and then the 80% coverage kicks in for December.
Billing app for the healthcare network wanted $200 and would go down to $50/month. I can do $20 and basically use what remains of what my employer contributes to the HSA.
Hmm, wonder why that Luigi guy was fed up with this completely functional and not insanely corrupt system.
World is full of mysteries!
I just wonder why more people dont follow the example
CFPB is on the Republican hit list… So good luck I guess.
I like this change, I don’t think it will really matter in the long run sadly, not to say it shouldn’t be attempted but, I really think every proactive thing is going to be reversed over the next year or two.
Let’s give them a million little improvements to reverse so they’re too busy breaking those to break everything they want to break.
Oops you’re right! Imperial gets me every time.
Good change, but the healthcare system is still broken in a lot of ways
