As Biden Nears Exit, US Bans Medical Debt from Credit Reports
Biden’s administration bans medical debt from credit reports, impacting millions just before leaving office
Medical Debt, Credit Reports, Joe Biden, Kamala Harris, Consumer Financial Protection Bureau, USA
Washington: So, here’s the scoop. President Biden’s team just dropped a big announcement. They’re banning medical debt from showing up on credit reports. This is a huge deal for a lot of folks, especially with him wrapping up his time in office.
They say this move will wipe out around $49 billion in medical bills from the credit reports of about 15 million Americans. That’s a lot of people who could really use a break right now.
Even though some banks and credit agencies aren’t thrilled about it, the Consumer Financial Protection Bureau is pushing ahead. They think this change will help people get better loans and improve their credit scores.
Vice President Harris is all in on this, saying it could be life-changing for families. She believes no one should miss out on opportunities just because they had a health issue.
But, of course, not everyone is on board. Some banking groups worry this could make it harder for them to assess risk when lending. They’re concerned it might lead to fewer loans being offered.
In the end, it’s a big shift that could really help a lot of people, but it’s also stirring up some serious debate. Let’s see how this plays out!
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