Medical debt to be banned from credit reports

WASHINGTON (NEXSTAR) – The Biden administration finalized a rule on Tuesday to prevent unpaid medical bills from showing up on credit reports.

The rule from the Consumer Financial Protection Bureau (CFPB) will remove $49 billion in medical debt for 15 million Americans, according to the White House.

“This will be lifechanging for millions of families, making it easier for them to be approved for a car loan, a home loan, or a small-business loan,” Vice President Kamala Harris said in a statement.