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Those with medical debt on their credit reports could receive a 20-point boost, on average, in their credit score, the bureau said. Also, the rule is expected to lead to the approval of about ...
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 estimates the rule ...
Medical debt is the most common collection type found on credit reports, showing up disproportionately more when compared to other forms of debt. More than 1 in 3 U.S. adults struggles with ...
The CFPB has estimated that the new credit reporting rule will boost the credit scores of people with medical debt on their credit reports by an average of 20 points.
Credit scores treat medical debts the same as any other debts despite their involuntary nature (unlike opening a credit card for example). Some states have implemented laws to protect consumers against medical debts affecting their scores ranging from: [6] Prohibiting the reporting of medical debt for a certain time period after billing.
Officials said the new regulation, adopted despite objections from the banking and consumer data industries, would remove $49 billion in medical bills from the credit reports of about 15 million ...
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