There is an estimated $49 billion in unpaid medical bills from the credit reports of roughly 15 million Americans, according to the bureau. Eliminating medical debt on people’s credit scores could help boost those borrowers’ scores by an average of 20 points, which would help them qualify for mortgages and other loans.
“No one should be denied economic opportunity because they got sick or experienced a medical emergency,” Vice President Kamala Harris said in a statement touting the new rule.
“This will be life-changing for millions of families, making it easier for them to be approved for a car loan, a home loan or a small-business loan,” Harris added.
President Joe Biden’s administration announced the proposal in June. At the time of the announcement, Consumer Financial Protection Bureau Director Rohit Chopra said the rule would be an “enormous…
