The Consumer Financial Protection Bureau (CFPB) issued a new rule Tuesday that will hide nearly $50 billion in medical bills from credit reports, a move that could ultimately make life harder for everyday Americans who are already struggling to get by.
The agency, which Democratic Massachusetts Sen. Elizabeth Warren and current director Rohit Chopra worked together to establish in 2011, finalized the rule less than two weeks before President-elect Trump takes office, claiming that the policy improves privacy protections and prevents debt collectors from coercing people to pay bills they don’t owe.” While the CFPB claims the policy protects consumers, experts told the Daily Caller News Foundation that wiping medical debt from credit reports will make credit scores less accurate and differentiating between high- and low-risk borrowers more difficult, thereby driving lenders to…
