Medical debt banned from credit reports by new Biden administration rule
News Source : CBS News
News Summary
- Biden administration rule will remove $49 billion in medical debt from credit reports
- Lenders will no longer be able to take that into consideration when deciding whether to issue a loan
- 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
Unpaid medical bills will no longer appear on credit reports, where they can block people from getting mortgages, car loans or small business loans, according to a final rule announced Tuesday by the [+1857 chars]
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