Medical debt off credit reports: GOP pushes back
The Consumer Financial Protection Bureau or CFPB has finalized a rule banning medical debt from credit reports.
The move aims to relieve millions of Americans struggling with health care bills.
The regulation removes $49 billion in unpaid medical debt from credit reports and boosts credit scores by 20 points on average for those affected.
The rule is widely popular, with advocates saying it has the potential to help 15 million people burdened by medical debt.
However, Republicans, who are poised to regain control in Washington, are vowing to reverse the rule.
Sen. Tim Scott has urged the CFPB to halt further action, emphasizing the agenda of the incoming administration of president-elect Donald Trump.
CFPB Director Rohit Chopra has called out abusive practices by debt collectors using inaccurate medical bills to pressure payments.
Critics argue that reversing the rule would favor credit reporting companies over struggling families.
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