Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. for mortgages, car loans or business loans, according to a rule the Consumer Financial Protection Bureau finalized Tuesday.
Removing medical debts from consumer credit reports is expected to increase the credit scores of millions of families by an average of 20 points, the bureau said. The CFPB says its research showed that outstanding health care claims are a poor predictor of someone's ability to repay a loan yet often are used to deny mortgage applications.
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Removing medical debts from consumer credit reports is expected to increase the credit scores of millions of families by an average of 20 points, the bureau said. The CFPB says its research showed that outstanding health care claims are a poor predictor of someone's ability to repay a loan yet often are used to deny mortgage applications.
Subscribe to WRAL:
https://youtube.com/c/wral5
Download the WRAL App: https://www.wral.com/download-wral-apps/5787234/
News Tips:
Online - https://www.wral.com/report-it/
Email - assignmentdesk@wral.com
Follow WRAL:
Facebook: https://facebook.com/WRALTV
X: https://twitter.com/WRAL
IG: https://instagram.com/wral
About WRAL-TV:
WRAL is your Raleigh, North Carolina news source. Check out our videos for the latest news in Raleigh, local sports, Raleigh weather, and more at https://WRAL.com
#localnews #northcarolina
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