Current:Home > MarketsBiden aims to remove medical bills from credit scores, making loans easier for millions-Angel Dreamer Wealth Society D1 Reviews & Insights
Biden aims to remove medical bills from credit scores, making loans easier for millions
View Date:2024-12-23 21:27:46
WASHINGTON — Vice President Kamala Harris said Thursday that the Biden administration is taking the first steps toward removing medical bills from people's credit scores, which could improve ratings for millions of people.
Harris said that would make it easier for them to obtain an auto loan or a home mortgage. Roughly one in five people report having medical debt. The vice president said the Consumer Financial Protection Bureau is beginning the rulemaking process to make the change.
The agency said in a statement that including medical debt in credit scores is problematic because “mistakes and inaccuracies in medical billing are common."
“Access to health care should be a right and not a privilege,” Harris told reporters in call to preview the action. “These measures will improve the credit scores of millions of Americans so that they will better be able to invest in their future.”
The announcement comes after a long push by the Biden administration to minimize the importance of medical debt in how people's creditworthiness is rated. CFPB director Rohit Chopra said the credit reporting companies Equifax, TransUnion and Experian announced last March that they would stop reporting “some but not all medical bills on an individual’s credit report.”
Learn more: Best credit cards of 2023
In addition to pulling medical bills from credit reports, the proposal would prevent creditors from using medical bills when deciding on loans and stop debt collectors from using credit ratings to pressure people with health care-related debt. The government will hear feedback from small businesses and then issue a notice of a proposed rulemaking at some point next year.
veryGood! (1)
Related
- Mike Williams Instagram post: Steelers' WR shades Aaron Rodgers 'red line' comments
- Lions QB Jared Goff, despite 5 interceptions, dared to become cold-blooded
- Eminem, Alanis Morissette, Sheryl Crow, N.W.A. and Janet Jackson get Songwriters Hall of Fame nods
- Katherine Schwarzenegger Gives Birth, Welcomes Baby No. 3 With Chris Pratt
- Fantasy football waiver wire: 10 players to add for NFL Week 11
- Katharine Hayhoe’s Post-Election Advice: Fight Fear, Embrace Hope and Work Together
- 'Squid Game' creator lost '8 or 9' teeth making Season 1, explains Season 2 twist
- Messi breaks silence on Inter Miami's playoff exit. What's next for his time in the US?
- Tropical Storm Sara threatens to bring flash floods and mudslides to Central America
- Joel Embiid injury, suspension update: When is 76ers star's NBA season debut?
Ranking
- Are Ciara Ready and Russell Wilson Ready For Another Baby? She Says…
- Candidates line up for special elections to replace Virginia senators recently elected to US House
- Shaboozey to headline halftime show of Lions-Bears game on Thanksgiving
- New York eyes reviving congestion pricing toll before Trump takes office
- High-scoring night in NBA: Giannis Antetokounmpo explodes for 59, Victor Wembanyama for 50
- Former North Carolina labor commissioner becomes hospital group’s CEO
- Karol G addresses backlash to '+57' lyric: 'I still have a lot to learn'
- MVSU football player killed, driver injured in crash after police chase
Recommendation
-
Fate of Netflix Series America’s Sweethearts: Dallas Cowboys Cheerleaders Revealed
-
Celtics' Jaylen Brown calls Bucks' Giannis Antetokounmpo a 'child' over fake handshake
-
Wicked's Ethan Slater Shares How Ariana Grande and Cynthia Erivo Set the Tone on Set
-
As US Catholic bishops meet, Trump looms over their work on abortion and immigration
-
The state that cleared the way for sports gambling now may ban ‘prop’ bets on college athletes
-
Francesca Farago Details Health Complications That Led to Emergency C-Section of Twins
-
Sting Says Sean Diddy Combs Allegations Don't Taint His Song
-
Mike Williams Instagram post: Steelers' WR shades Aaron Rodgers 'red line' comments