Reported 1 day ago
A new regulation by the Consumer Financial Protection Bureau prohibits unpaid medical debts from being included in Americans' credit reports, potentially raising credit scores for approximately 15 million individuals by an average of 20 points. This measure is designed to protect consumers from financial repercussions related to medical bills and aims to simplify the dispute process for them. While the financial industry has voiced concerns about its impact on lending practices, the CFPB argues that medical debts are not reliable indicators of overall credit risk.
Source: YAHOO