▲ 476 ▼ Biden administration bans unpaid medical bills from appearing on credit reports (apnews.com) submitted 2 years ago by shalafi@lemmy.world to c/politics@lemmy.world 62 comments fedilink hide all child comments How is this not bigger news?! This is life changing for a great many Americans.
[–] skulblaka@sh.itjust.works 6 points 2 years ago (4 children) Medical collections debt under $500 Ah, so, none of them then. That's why this isn't news. permalink fedilink source parent hideshow 8 child comments replies: [–] Skhate_or_die@lemmy.world 24 points 2 years ago I don't know much about this situation, but it sounds like the reporting agencies took away debt under $500, but the new ban is for any medical debt, not just the debt under $500. permalink fedilink source parent [–] ReallyActuallyFrankenstein@lemmynsfw.com 15 points 2 years ago* To be clear, that took place last year. This latest move appears much wider-reaching and categorical to any unpaid medical bills. According to the article: Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced Tuesday by the Biden administration. The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau, which means lenders will no longer be able to take that into consideration when deciding to issue a loan. permalink fedilink source parent [–] dance_ninja@lemmy.world 6 points 2 years ago* (last edited 2 years ago) That was what the credit reporting agencies did, not what the Biden administration just did. Edit: I meant "credit reporting agencies" not "credit unions" permalink fedilink source parent [–] DarkFuture@lemmy.world 3 points 2 years ago (1 child) Someone didn't read the article. permalink fedilink source parent hideshow 2 child comments replies: [–] skulblaka@sh.itjust.works 3 points 2 years ago That's fair, guilty as charged. I'll go back and read it for real this time. permalink fedilink source parent
[–] Skhate_or_die@lemmy.world 24 points 2 years ago I don't know much about this situation, but it sounds like the reporting agencies took away debt under $500, but the new ban is for any medical debt, not just the debt under $500. permalink fedilink source parent
[–] ReallyActuallyFrankenstein@lemmynsfw.com 15 points 2 years ago* To be clear, that took place last year. This latest move appears much wider-reaching and categorical to any unpaid medical bills. According to the article: Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced Tuesday by the Biden administration. The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau, which means lenders will no longer be able to take that into consideration when deciding to issue a loan. permalink fedilink source parent
[–] dance_ninja@lemmy.world 6 points 2 years ago* (last edited 2 years ago) That was what the credit reporting agencies did, not what the Biden administration just did. Edit: I meant "credit reporting agencies" not "credit unions" permalink fedilink source parent
[–] DarkFuture@lemmy.world 3 points 2 years ago (1 child) Someone didn't read the article. permalink fedilink source parent hideshow 2 child comments replies: [–] skulblaka@sh.itjust.works 3 points 2 years ago That's fair, guilty as charged. I'll go back and read it for real this time. permalink fedilink source parent
[–] skulblaka@sh.itjust.works 3 points 2 years ago That's fair, guilty as charged. I'll go back and read it for real this time. permalink fedilink source parent