One out of three adults has medical debt.
For many, this has a major impact on daily life…
Medical debt can be a huge obstacle, preventing families from buying a home, purchasing or leasing a vehicle, even paying for college for their kids.
That’s because credit bureaus include medical debt in their scoring algorithms.
Looks like that will be changing…
The Consumer Financial Protection Bureau will propose a new rule to make clear that medical debt cannot impact the credit scores of the American people. Once this rule is final, it will mean, one, that
consumer credit reports will not include medical debt and, two, that
creditors will not be able to use medical debt to determine a person’s eligibility for credit.
Almost 2/3rds of those with medical debt had insurance when they began treatment...a quarter of those had their claims denied.
What does this mean for you?
Help is on the way.
