Source: South China Morning Post [Hong Kong]
“Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced on Tuesday by the Biden administration. The Consumer Financial Protection Bureau (CFPB) rule will remove US$49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau.
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.” [editor’s note: More likely, lenders will increase the required credit score by at least 20 points – TLK] (01/07/25)